Surging transport, gas prices push Ghana’s inflation to 50.3% — highest since 2004

Ghana’s inflation rate rose to 50.3 percent in November, up from 40.4 percent in October — the highest rate since 2004.

Samuel Kobina Annim, Government Statistician for Ghana, announced this while speaking with journalists on Wednesday.

The announcement comes a day after Ghana secured a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion loan to tackle its economic challenges.

Ghana is currently battling an economic crisis that has seen food and fuel costs spiral to record levels as well as rapid depreciation of the cedi.

The country’s statistics office said costs rose the most in the category of housing, water, gas and electricity, with prices up 79.1 percent.

It was followed by furnishings and household equipment at 65.7%, followed by transport, including fuel at 63.1 percent.