Ghana: Inflation inches up in March

Consumer prices rose 1.2% over the previous month in March, following a 1.0% month-on-month increase in February. The upturn was underpinned by higher prices for food and non-food items, which both rose by a slightly bigger magnitude compared to last month. Prices for households, goods, operation and services increased the most, followed closely by recreation, entertainment, and cultural services.

Meanwhile, inflation inched up to 9.3% in March, from 9.2% in February, remaining within the Central Bank’s medium-term target band of 8.0% plus or minus 2.0 percentage points. Lastly, annual average inflation inched down to a five-year low of 9.5% in March, from 9.6% in February.

Ghana Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 9.7% in 2019, which is up 0.2 percentage points from last month’s forecast, and also 9.7% in 2020.