
World's Best Currency Slows Ghana Inflation to Lowest Since 2022
Ghana's inflation rate dropped to the lowest level in more than three years, as the country's world-beating currency helped reduce the cost of imports.
Inflation slowed for a fifth straight month to 18.4% in May, compared with 21.2% in the previous month, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday. Prices rose 0.7% in the month, he said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
44 minutes ago
- Bloomberg
RBI Forex Reserves to Shield India From Turmoil, MPC Member Says
India's $700 billion in foreign exchange reserves gives the economy a crucial cushion against rising geopolitical turmoil, a member of India's rate-setting panel said, as hostilities in the Middle East continue to deepen. Ram Singh, an external member of the monetary policy committee with the Reserve Bank of India, said in an interview with the Economic Times newspaper that he expects the country's foreign-exchange buffer to help blunt the impact of inflation caused by rising crude and fertilizer prices.
Yahoo
2 hours ago
- Yahoo
US attack on Iran adds to economic uncertainty
By Ann Saphir (Reuters) -The U.S. bombing of Iran's nuclear sites injected fresh uncertainty into the outlook for inflation and economic activity at the start of a week chock full of new economic data and central banker commentary, including two days of Congressional testimony from Federal Reserve Chair Jerome Powell. The downside of the attacks may be the easiest to see: the potential for a spike in energy prices, a continuation of the hesitancy that has gripped households and businesses and could crimp spending, and the possibility of a response from Iran that materializes well outside the Gulf. With the U.S. economy already expected to slow under pressure from the Trump administration's high import tariffs, a rise in oil prices resulting from the conflict "could provide powerful downward pressure on households' ability to spend... and that could slow GDP even more," Morgan Stanley Chief Economic Strategist Ellen Zentner said on Sunday. There's also the more bullish case, should the attacks pave the way for eventual stability in the region. "Predicting geopolitical developments in the Middle East is a treacherous exercise," analysts at Yardeni Research wrote after the attacks. "However, the Israeli stock market suggests that we may be witnessing a radical transformation of the Middle East now that Iran has been de-nuked." Israel's Tel Aviv main index .TA125 was at an all-time high after the attacks. That said, the U.S. labor market is clearly losing momentum, even as inflation pressures look set to increase. Data due on Thursday for continued jobless claims will factor into the Labor Department's monthly jobs report for June. To date those reports have pointed to a softening but still-solid job market, with the unemployment rate at a relatively low 4.2%, but Fed policymakers keenly watching for signs of deterioration. Data to be published on Friday is expected to show the weakest U.S. consumer spending growth since January. And while it is also expected to show inflation running near the Fed's 2% goal last month, many Fed officials expect tariffs to feed into higher prices in coming months. A sharp rise in energy prices could fan the embers of inflation further. Powell will undoubtedly be pressed on that possibility and for other ramifications of Middle East developments during two days of Congressional testimony, beginning Tuesday at the House Financial Services Committee and continuing on Wednesday at the Senate Banking Committee. Fed officials last week left the policy rate in its current 4.25%-4.50% range, and while policymakers signaled they felt economic conditions would likely warrant a couple of interest-rate cuts later this year, Powell said that forecast comes with little conviction, given all the uncertainty about tariff policy and how the economy will respond. The weekend's U.S.-Iran developments raise new questions about how uncertainty will impact Fed decision-making, wrote Wells Fargo senior economist Sam Bullard. "The markets will be watching for clues as to how the Fed recalibrates the inflationary risks from higher energy prices and tariffs against the disinflationary pressures of slowing growth," he said.

Yahoo
3 hours ago
- Yahoo
US attack on Iran adds to economic uncertainty
By Ann Saphir (Reuters) -The U.S. bombing of Iran's nuclear sites injected fresh uncertainty into the outlook for inflation and economic activity at the start of a week chock full of new economic data and central banker commentary, including two days of Congressional testimony from Federal Reserve Chair Jerome Powell. The downside of the attacks may be the easiest to see: the potential for a spike in energy prices, a continuation of the hesitancy that has gripped households and businesses and could crimp spending, and the possibility of a response from Iran that materializes well outside the Gulf. With the U.S. economy already expected to slow under pressure from the Trump administration's high import tariffs, a rise in oil prices resulting from the conflict "could provide powerful downward pressure on households' ability to spend... and that could slow GDP even more," Morgan Stanley Chief Economic Strategist Ellen Zentner said on Sunday. There's also the more bullish case, should the attacks pave the way for eventual stability in the region. "Predicting geopolitical developments in the Middle East is a treacherous exercise," analysts at Yardeni Research wrote after the attacks. "However, the Israeli stock market suggests that we may be witnessing a radical transformation of the Middle East now that Iran has been de-nuked." Israel's Tel Aviv main index .TA125 was at an all-time high after the attacks. That said, the U.S. labor market is clearly losing momentum, even as inflation pressures look set to increase. Data due on Thursday for continued jobless claims will factor into the Labor Department's monthly jobs report for June. To date those reports have pointed to a softening but still-solid job market, with the unemployment rate at a relatively low 4.2%, but Fed policymakers keenly watching for signs of deterioration. Data to be published on Friday is expected to show the weakest U.S. consumer spending growth since January. And while it is also expected to show inflation running near the Fed's 2% goal last month, many Fed officials expect tariffs to feed into higher prices in coming months. A sharp rise in energy prices could fan the embers of inflation further. Powell will undoubtedly be pressed on that possibility and for other ramifications of Middle East developments during two days of Congressional testimony, beginning Tuesday at the House Financial Services Committee and continuing on Wednesday at the Senate Banking Committee. Fed officials last week left the policy rate in its current 4.25%-4.50% range, and while policymakers signaled they felt economic conditions would likely warrant a couple of interest-rate cuts later this year, Powell said that forecast comes with little conviction, given all the uncertainty about tariff policy and how the economy will respond. The weekend's U.S.-Iran developments raise new questions about how uncertainty will impact Fed decision-making, wrote Wells Fargo senior economist Sam Bullard. "The markets will be watching for clues as to how the Fed recalibrates the inflationary risks from higher energy prices and tariffs against the disinflationary pressures of slowing growth," he said. Sign in to access your portfolio