MPC Press Release - October 2008
The latest consumer price inflation numbers released by the Ghana Statistical Service (GSS) showed that headline inflation which rose steadily to 18.4 percent at the end of June 2008, fell in three consecutive months to 17.9 percent in September. Food inflation fell from 17.7 percent at the end of June 2008 to 17.0 percent in September and non-food inflation fell from 18.9 percent to 18.5 percent during the same period.
The Bank’s measure of core inflation (defined to exclude energy and utility) which was 12.8 percent at the end of June 2008 has declined steadily to 11.6 percent at the end of September 2008.
Both the Bank’s business and consumer confidence surveys show improved indicators and a rebound of both business and consumer confidence after the softening observed in the past successive surveys. Overall assessment of economic prospects was generally quite positive.
Evidence from other real sector indicators also point to increased pace in economic activity. Cement production for the first eight months of the year amounted to 1,649,190 metric tons, a growth of 17.1 percent over the level of 1,408,083 metric tons for the same period in 2007. Benchmark retail sales recorded a growth of 40.3 percent compared with sales for the same period in 2007. Labour market statistics showed relatively strong demand for labour with a total of 9,498 jobs advertised, compared with 5,980 for the same period in 2007.
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