Ghana Inflation January 2016


Inflation increases further in January

In January, consumer prices increased 4.61% over the previous month, which was up from the 1.07% increase tallied in December, thus marking the fastest increase since February 2003. January’s increase was mainly driven by higher prices for food and non-alcoholic beverages.

Inflation in January increased from 17.7% in December to 19.1% in January, thus hitting the highest level in nearly seven years. Inflation remains well above the Central Bank’s target of 8.0%. Moreover, annual average inflation in January ticked up from 17.2% in December to 17.4%.

FocusEconomics Consensus Forecast panelists expect inflation to end 2016 at 14.4%, which is up 0.1 percentage points from last month’s forecast. The panel sees inflation ending 2017 at 11.2%.

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Ghana Inflation Chart

Ghana Inflation January 2016

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: Ghana Statistical Service (GSS)

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