Inflation rate may surpass 10% by the end of the year, if crude oil prices continue to grow on the global market – Bank of Ghana

The Bank of Ghana is worried that if crude oil prices keep rising on the global market, the inflation rate may surpass 10% by the end of this year.

This was reflected in the Bank of Ghana’s Inflation Targeting Framework and an internal projection model that frequently directs monetary policy decisions.

According to one scenario in the model, inflation may face difficulties in the upcoming months if the price of crude oil stays above $100 for the entire month of June.

The Bank of Ghana’s upper bound target band for inflation this year and for the medium term would be exceeded if inflation even slightly exceeded 10%.

Source: newsthemegh.com