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Finance Ghana's inflation rate declines to the lowest since 2013

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Consumer prices rose 9.6% from a year earlier, Ghana Statistical Service says

Ghana’s consumer prices in April 2018 dropped to the lowest since 2013, opening the door for further cut in the benchmark rate.

The annual inflation rate decelerated by 0.8% in April 2018 from 10.4 percent recorded in March.

Addressing the media in Accra acting Government Statistician Baah Wadieh, acting Government Statistician said the country's dropped to 9.6 percent in April.

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The Ghana Statistical Service says the drop can be attributed to a reduction in the cost of electricity, transportation and other utilities.

This rate makes April 2018 hold the record of being the slowest rate since January 2013. It was the first time the rate had been within the Bank of Ghana’s target range of 6 per cent to 10 per cent in four years.

According to the Ghana Statistical Service, on a monthly basis, consumer prices rose 0.9 percent, easing from a 1.1 percent increase in March.

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The Service explains that inflation rate in Ghana averaged 16.78 percent from 1998 until 2018, reaching an all time high of 63 percent in March of 200.

In March as prices rose at a slower pace, the Bank of Ghana reduced the benchmark rate to a four-year low of 18 percent.