Ghana: Inflation edges up in June
July 12, 2018
Inflation creeped up again in June, coming in at 10.0% (May: 9.8%) and marking the second month of acceleration after reaching an over five-year low of 9.6% in April. The result was driven by higher prices for clothing and footwear, recreation and culture, and transport, which offset more moderate price increases for food and non-alcoholic beverages. As a result, inflation moved to the upper bound of the Central Bank’s inflation target of 8.0% plus or minus 2.0 percentage points. Meanwhile, annual average inflation inched down to 11.0% in June, from 11.2% in May, marking the lowest print in over four years.
On a month-on-month basis, consumer prices rose 1.0% in June, unchanged from the previous month’s reading.
Ghana Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 10.0% in 2018, which is down 0.1 percentage points from last month’s forecast, and 9.0% in 2019.
Author: Almanas Stanapedis, Research Team Manager