Research firm, IC Research is raising its 2024 annual inflation forecast by 340 basis points to between 19.3% and 21.3%.
This is due to the upside risk to inflation in the second half of 2024, subject to downward pressure from food harvest in quarter 3, 2024.
The new projection is higher than the Bank of Ghana’s year-end inflation target of 13.0% – 17.0%..
IC Research said the June 2024 inflation print revealed emerging signs of divergence between food and non-food inflation akin to what was observed between May and July last year.
This it explained could embed some stickiness in the annual inflation in the second half of 2024, especially having enjoyed a favourable base in the like period of 2023.
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