Ghana Inflation

Inflation rises in May from April

Latest reading: Consumer prices were up 3.7% on a year-on-year basis in May, following a 3.4% rise in the previous month. Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+3.3% on a year-on-year basis vs +2.2% in April) and transport (-2.8% vs -3.4% in April). In contrast, there were milder price pressures for housing, water, electricity, gas and other fuels (+11.8% vs +12.4% in April), clothing and footwear (+1.8% vs +2.6% in April) and recreation and entertainment (+4.2% vs +4.8% in April). Finally, consumer prices increased 1.08% in May on a month-on-month basis, following a 0.95% rise in the previous month.

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.

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