Notwithstanding the simmering inflation pressures from petroleum prices and recent currency weaknesses, the disinflation trend could extend through quarter 4, 2023.
According to GCB Capital Research, the harvest-induced slowdown in food inflation will wane going forward.
However, it said owing to the rising petroleum prices, lingering exchange rate pressures due to resurgent corporate Foreign Exchange demand in recent weeks, the imminent quarter 4, 2023 utility tariff adjustments, and potential seasonality pressures, upside risks to the near-term inflation outlook remain.
These risk factors, it explained could moderate the anticipated pace of disinflation through the fourth quarter of 2023.
“Accordingly, we expect a favourable base drift in quarter 4, 2023 to trigger a more moderate decline in headline inflation in October 2023, followed by a potentially sharper decline in November. Headline inflation could print 32% by November 2023 if the anticipated upside risks to inflation from the seasonality effects and petroleum price pressures soften sufficiently”, it added.
Inflation falls to 38.1 % in September 2023
Inflation for the month of September 2023 fell to 38.1% from the 40.1% recorded in August 2023.
According to figures from the Ghana Statistical Service, both food and non-food inflation dropped.
Whilst food inflation declined to 49.4% from the 51.9% recorded in August 2023, non-food inflation also decreased to 29.3% from the 30.9% recorded in August 2023.
Inflation for locally produced items was estimated at a rate of 37.3% while that of imported products was 39.9%.
Latest Stories
-
Failure to properly transfer gun ownership can land you behind bars
2 mins -
Reduce over-reliance on imports to stabilise cedi – TUC boss tells Ghanaians
18 mins -
‘We’re taking it game by game’ – Ibrahim Tanko on Accra Lions’ title ambitions
27 mins -
Nigerians pick sides as Wizkid and Davido clash online
31 mins -
Nigeria Workers’ Day: Civil servants get pay rises up to 35%
37 mins -
“I am the Austrian team boss with all my heart,” Rangnick turns down Bayern
55 mins -
Failed asylum seeker given £3,000 to go to Rwanda
57 mins -
Nigerian gasoline prices soar as shortages worsen cost of living crisis
1 hour -
Paris 2024: We will win medal at Olympics if government invests more – GPC President
1 hour -
Akufo-Addo calls for protection of Ghana’s democratic reputation and identity
1 hour -
Apple working to fix alarming iPhone issue
1 hour -
‘You won’t win GPL title without your own stadium’ – Bashir Hayford tells Kotoko, Hearts
1 hour -
Ryan Garcia denies using performance-enhancing drugs after beating Devin Haney
2 hours -
We must change phenomenon of moneyed elections – Raymond Atuguba
2 hours -
Accra Lions punished us for not taking our chances – Hearts of Oak assistant coach Abdul Bashiru
2 hours