Ghana Inflation May 2018


Ghana: Inflation stays within the Central Bank's target range in May

June 13, 2018

Consumer prices rose 1.0% over the previous month in May, edging up marginally from April’s 0.9% (previously reported: +1.1% month-on-month) increase. The uptick was mostly driven by higher prices for food products, and for clothing and footwear.

Inflation ticked up to 9.8%, the second-lowest print in five years, in May from 9.6% (previously reported: 9.5%) in April. As a result, inflation stayed within the Central Bank’s medium-term inflation target of 8.0% plus or minus 2.0 percentage points. Meanwhile, annual average inflation edged down from 11.4% in April to a four-year low of 11.2% in May.

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:, Research Team Manager

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Ghana Inflation Chart

Ghana Inflation May 2018 0

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: Ghana Statistical Service (GSS)

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