Ghana: Inflation rises in May
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.