Ghana: Inflation edges up in February

Consumer prices rose 1.0% in monthly terms in February, unchanged from January’s reading. All 12 components of the index posted month-on-month increases, led by higher prices for hotels, cafes and restaurants, and clothing and footwear.

Meanwhile, inflation rose from an over five-year low of 9.0% in January to 9.2% in February. Nevertheless, inflation remained within the Central Bank’s medium-term target band of 8.0% plus or minus 2.0 percentage points. Lastly, annual average inflation eased to 9.6% in February from 9.7% in January, marking a five-year low.

Ghana Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 9.7% in 2019, which is up 0.1 percentage points from last month’s forecast, and 9.5% in 2020.