By Christian Akorlie and Cooper Inveen
ACCRA (Reuters) – Ghana’s consumer price inflation accelerated to 27.6% year-on-year in May from 23.6% in April, marking a full year of continuous price acceleration in the West African nation, the statistics service said on Wednesday.
Inflation in Africa’s second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May.
Meanwhile, Ghana’s cedi has also resumed its rapid depreciation against the U.S. dollar. The currency has lost around 5% since its close on May 9, and more than 21% since the year began.
(Reporting by Christian Akorlie and Cooper Inveen; Editing by Alexander Winning)
