Ghana and Nigeria face upside dangers to their inflation outlook, largely stemming from the affect of the continued international commerce struggle on oil costs, funding inflows and provide chain motion.
In accordance with Deloitte West Africa, the spillover impact of an anticipated rise in international inflation would heighten the price of residing disaster within the two international locations by way of imported inflation.
In Ghana, it mentioned “New US tariffs will spur imported inflation and improve native shopper costs, reigniting inflationary stress”.
For Nigeria, it mentioned the next inflation “will improve stress on the naira, pushed by persistent foreign exchange demand and potential capital flight”.
Nevertheless, the decrease international crude oil value will result in a decline in home gasoline costs in Ghana and Nigeria
Ghana’s inflation declined marginally to 22.40% in March 2025, from 23.10% in February 2025. This was the third month-to-month decline.
The month-on-month inflation fee additionally fell sharply to 0.2% in March 2025 from 1.30% the prior month. Each indices moved in tandem with the headline inflation fee.
In accordance with Deloitte, the decelerating inflation development was facilitated by the soundness of the Cedi.
Nevertheless, the disinflation is but to translate into decrease market costs.
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