{"id":266927,"date":"2024-12-17T14:10:53","date_gmt":"2024-12-17T14:10:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/17\/persistent-rise-in-inflation-in-ghana-nigeria-to-stifle-economic-growth-deloitte\/"},"modified":"2024-12-17T14:10:53","modified_gmt":"2024-12-17T14:10:53","slug":"persistent-rise-in-inflation-in-ghana-nigeria-to-stifle-economic-growth-deloitte","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/17\/persistent-rise-in-inflation-in-ghana-nigeria-to-stifle-economic-growth-deloitte\/","title":{"rendered":"Persistent rise in inflation in Ghana, Nigeria to stifle economic growth \u2013 Deloitte"},"content":{"rendered":"

<\/p>\n

\n

The persistent rise in inflation in Ghana and Nigeria will stifle economic growth, Deloitte West Africa has revealed in its November 2024 Inflation Update.<\/p>\n

According to the leading professional services firm, businesses face higher costs while consumers have cut spending, worsening the ongoing cost of living crisis.<\/p>\n

This is coming after inflation in Ghana surged for the third-consecutive month to 23%, driven by rising food prices and election spending.<\/p>\n

Headline inflation in Nigeria also rose to 34.60%, reflecting a further increase in the cost of goods and services.<\/p>\n

Deloitte warned that Christmas-related spending will spur inflation upwards in December 2024.<\/p>\n

The Economist Intelligence Unit is projecting an average inflation rate of 22.4% for Ghana and 33.2% for Nigeria in 2024.<\/p>\n

This is expected to decline to 15.2% and 27.7% in 2025 for Ghana and Nigeria respectively, supported by improved foreign exchange stability, trade policy and base effects.<\/p>\n

Ghana\u2019s November 2024 inflation was driven by five divisions. They were led by Alcoholic Beverages, Tobacco and Narcotics (30.0%); Housing, Water, Gas and Electricity (29.20%) and Health (22.20%).<\/p>\n

\n
\n