Ghana Inflation August 2022

Ghana

Ghana: Inflation comes in at highest level since August 2001 in August

September 14, 2022

Inflation increased to 33.9% in August, following July’s 31.7%. August's result was the highest inflation rate in 21 years. In August, inflation for imported items exceeded domestic inflation for the fifth month running, reflecting elevated global commodity prices and currency depreciation. Looking at the details of the release, the acceleration was driven by prices for food and beverages, which rose at a faster rate in August compared to other goods. Furthermore, prices for transport, as well as clothing and footwear, increased at a faster clip.

The trend pointed up, with average inflation over the previous 12 months coming in at 20.5% in August (July: 18.4%). Lastly, consumer prices increased by a seasonally adjusted 1.91% in August over the previous month, below July's 3.15% rise. August's result marked the weakest reading since December 2021 but remained elevated by historical standards.

Our panelists see inflation averaging 26.1% in 2022, which is up 1.3 percentage points from last month’s forecast, and 20.2% in 2023.


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Ghana Inflation August 2022 0

Note: Annual and monthly variation of consumer price index in %.
Source: Ghana Statistical Service.


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