Ghana’s inflation rate falls for second consecutive month

Ghana, Accra, Busy street scene in the city centre. (Photo by: Eye Ubiquitous/Universal Images Group via Getty Images)

Ghana’s inflation rate fell for a second month in September as food-price growth cooled further.

Annual consumer inflation slowed to 10.4% from 10.5% reported for August, Samuel Kobina Annim, government statistician, told reporters Wednesday in Accra, the capital. The median estimate of three economists in a Bloomberg survey was 10.5%. Prices fell 0.2% in the month, the first monthly decline in a year.

Food prices rose 11.2% in September from a year earlier, compared with 11.4% in August, and costs declined by 0.5% on a monthly basis. The central bank kept its key interest rate at 14.5% for a third straight meeting last month, saying the economy is starting to recover and inflation is expected to be back inside the target band of 6% to 10% by the second quarter of next year