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UPDATE 1-Ghana inflation dips to 9.4 pct in Sept -stats office

Wednesday, 10 Oct 2012 | 6:59 AM ET

(Adds details, analyst quote)

ACCRA, Oct 10 (Reuters) - Ghana's annual inflation fell to 9.4 percent in September from 9.5 percent the month before, the country's statistical office said on Wednesday.

The dip in inflation comes after successive increases over much of the year before it held steady in August as the local cedi currency started regaining ground lost against the dollar in the first half 2012.

"This first softening of inflation since February likely reflects the almost two percent appreciation of the cedi against the dollar in September," said Yvonne Mhango at Renaissance Capital.

"We think this implies that the policy rate is likely to remain flat at 15 percent until year-end 2012," she added.

Ghana's rate-setting committee kept its prime rate unchanged at 15 percent at its last meeting in September, citing a balanced inflation and growth outlook in the West African cocoa and gold producer.

(Reporting by Kwasi Kpodo; Writing by David Lewis)

((david.lewis2@thomsonreuters.com)(Dakar Newsroom +221 338645076)(Reuters Messaging: david.lewis2.thomsonreuters.com@reuters.com))

Keywords: GHANA CPI/