US Inflation Down to 3% in June 2023

The Federal Reserve may likely pause rate hikes as #inflation continue to ease. The prices of #US goods and services hit a two-year low in June, a sign that inflation is continuing to ease as the economy responds to the US Federal Reserve’s rapid increases in interest rates.

The latest consumer price index (CPI) figures, which measure the prices of a basket of goods and services, increased by 3% over the last year. This was the smallest increase since March 2021 and down from a four-decade high of 9.1% in #June 2022 as pandemic supply chain issues clashed with growing consumer demand.

Even though inflation has continued to go down, price increases still remain higher than the Fed’s 2% annual target rate, meaning more interest rate hikes could come.

Ghana’s Inflation Rises to 42.5% in June’2023

Ghana’s inflation rate rose to a three-month high in June 2023, on higher food prices, raising pressure on the central bank to resume rate hikes later this month. Annual inflation accelerated to 42.5% from 42.2% in #May. Food inflation quickened to 54.2% from 51.8% last month and non-food price growth decelerated to 33.4% from 34.6%. Prices rose 3.2% in the month.