Ghana Inflation May 2020

Ghana

Ghana: Inflation rises in May

June 11, 2020

Consumer prices increased 1.7% over the last month in May, coming in below the 3.2% rise logged in April. The print was driven by a marked increase in housing, water, electricity and gas prices as well as higher prices for food and non-alcoholic beverages. On the other hand, falling transport and health prices limited the monthly increase.

Inflation rose to 11.3% in May, above April’s 10.6%. Annual average inflation increased to 8.6% in May (April: 8.4%).

Although the Covid-19 pandemic has resulted in stronger food price inflation, inflation overall is expected to moderate going forward due to weakened aggregate demand weighing on price pressures.

FocusEconomics Consensus Forecast panelists expect inflation to average 8.8% in 2020. In 2021, they see inflation averaging 8.6%.


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