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Ghana’s 2011 year-end inflation is 8.58%, within central bank’s expected target

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Ghana’s inflation rate for December 2011 stood at 8.58%, slightly up than 8.55% recorded in November, the Statistical office says January 11, 2012.

Officials pegged the average rate of inflation for 2011 at 8.73%.

The Bank of Ghana (BoG) expected a single-digit inflation of 9% to end the year 2011.

The rate is expected to rise for January 2012 as the country increased prices of fuel after cut of subsidy but the Government Statistician Dr Grace Bediako said it would be difficult to predict the impact of the recent fuel price hikes on inflation in January.

“The effect of the fuel prices on inflation in January will depend on the weight and the prices in the basket,” the Ghana News Agency quoted Dr Bediako as saying.

By Ekow Quandzie

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