Inflation hits eight-month low in April

Latest reading: Inflation came in at 21.2% in April, down from March’s 22.4%. April's figure marked the lowest inflation rate in eight months. Looking at the details of the release, easing price pressures for food, housing and transport drove the fall. A sharp appreciation of the cedi supported disinflation. That said, the recreation and culture plus the textile sectors saw prices rise at a quicker pace in April compared to the previous month. In addition, annual average inflation came in at 22.3% in April (March: 22.6%), resuming the downward trend it’s been on since September 2023. Finally, consumer prices increased 0.80% in April over the previous month, accelerating from the 0.25% rise logged in March.

Outlook: Our panelists see inflation continuing its downward trajectory through end-2025 on the back of easing non-food price pressures. That said, high inflation will persist as a result of sticky domestic food prices. Interest rate cuts and potential food shocks pose upside risks to inflation given that Ghana is highly import-dependent.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian inflation projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Ghanaian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian inflation projections.

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