Ghana Inflation May 2016


Inflation picks up in May

In May, consumer prices increased 1.15% over the previous month, which was down from the 1.40% increase tallied in April. May’s print mainly reflected that prices for food and non-alcoholic beverages recorded a somewhat smaller rise than in the previous month.

Inflation ticked up from 18.7% in April to 18.9% in May. As a result, inflation moved further above the Central Bank’s target of 8.0%. Moreover, annual average inflation in May rose from 17.9% in April to 18.1%.

FocusEconomics Consensus Forecast panelists expect inflation to end 2016 at 16.9%, which is unchanged from last month’s forecast. The panel sees inflation ending 2017 at 12.6%.

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Ghana Inflation Chart

Ghana Inflation May 2016

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

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