Ghana: Inflation ticks down in March

Consumer prices jumped 1.1% over the previous month in March, a slight acceleration from February’s softer 0.9% month-on-month increase.

Inflation edged down in March, coming in at 10.4%, slightly below February’s 10.6% result. The reading largely reflected relatively moderate inflation of food and non-alcoholic beverages, which to a certain degree offset higher prices for transport, and clothing and footwear.

As a result, inflation moved slightly closer to the upper limit of the Central Bank’s medium-term inflation target of 8.0% plus or minus 2.0%. Annual average inflation ticked down from 11.9% in February to a nearly four-year low of 11.7% in March.

Ghana Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 10.3% in 2018, which is down 0.1 percentage points from last month’s forecast, and 9.1% in 2019.