Ghana's consumer inflation edges up to 5.2% in September

Ghana's consumer inflation rose to 5.2% year on year in September, up from 5.0% in August, the country's statistics service said on Wednesday.

The 0.2 percentage point increase marks a mild acceleration in price growth, with the September reading staying inside the upper end of the Bank of Ghana's medium-term target band of 8% plus or minus 2 percentage points.

What the numbers show

The September print of 5.2% compares with 5.0% recorded in August. The statistics service did not indicate which divisions of the consumer basket drove the increase in the period under review.

What it means for the region

Ghana's inflation remains among the lowest in West Africa, a region where Nigeria's headline rate and other neighbours have run well above double digits in recent periods. A 5.2% reading keeps Ghana's real returns positive for holders of cedi assets, a contrast to markets where inflation continues to erode purchasing power.

For Nigerian traders and businesses with exposure to Ghana, the modest rise in consumer prices suggests the cedi's near-term outlook is not being pressured by runaway price growth. Importers moving goods through Accra and Tema will watch the next reading for signs that the trend is turning.