Economy

Inflation hits 31.7% in July

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Ghana’s consumer inflation accelerated to 31.7% annually in July from 29.8% in June, the Ghana Statistical Service announced Wednesday.

The development means the inflation rate has exceeded the Bank of Ghana’s target bank of between 6% to 10% for 11 consecutive months.

The inflation rate is the highest since December 2003 although the pace at which it increased slowed for the second month in a row.

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