Latest reading: Inflation climbed to 11.8% in June from May’s 11.3%, marking the joint-highest rate since August 2023. The reading...
Inflation in Ghana
Consumer price inflation in Ghana averaged 15.5% in the ten years to 2024, in line with the Sub-Saharan Africa regional average of 15.5%. The 2024 average figure was 22.9%. For more information on inflation, visit our dedicated page
Ghana Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ghana from 2024 to 2015.
Source: Macrobond.
Ghana Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 8.7 | 10.0 | 31.9 | 39.2 | 22.9 |
| Inflation (CPI, ann. var. %, eop) | 10.5 | 12.6 | 54.2 | 23.2 | 23.8 |
May sees inflation drop to lowest level in over three years
Latest reading: Inflation fell to 18.4% in May, down from April’s 21.2%. May's reading marked the lowest inflation reading since February 2022. The slowdown was primarily due to a softer rise in prices for food, housing and utilities, and transport. Annual average inflation fell to 21.9% in May (April: 22.3%). Finally, seasonally adjusted consumer prices rose 0.72% in May, easing from April's 0.80% increase.
Outlook: Our panelists see inflation cooling throughout 2025, with annual average inflation projected to record its lowest reading since 2021. The recent appreciation of the cedi—the world’s best-performing currency so far this year—amid growing gold reserves is set to cap price pressures further. However, our Consensus is for inflation to remain above the Central Bank’s 6–10% target range for the fourth consecutive year in 2025. Commodity price spikes and geopolitical tensions present upside risks.
Consensus Forecasts and Projections for the next ten years
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.
Want to get access to the full dataset of Ghanaian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
-
Kazakhstan: Inflation climbs to a near two-year high in June -
Kenya: Inflation flatlines below midpoint of the target range in June Latest reading: Inflation was stable at May’s 3.8% in June, remaining below the midpoint of the Central Bank’s 2.5–7.5% target... -
Hong Kong: Inflation moderates in May Latest reading: Inflation fell to 1.9% in May from April’s 2.0%, due to weaker price pressures for food, transport and... -
Canada: Inflation remains on target in May Latest reading: Inflation came in at 1.7% in May, matching April’s reading and market expectations, and comfortably within the Central... -
Japan: Inflation declines to lowest level since November 2024 in May Latest reading: Inflation ticked down to 3.5% in May, from April’s 3.6%. May’s reading marked the weakest inflation rate since... -
Lithuania: Harmonized inflation dips in May Latest reading: Harmonized inflation came in at 3.0% in May, down from April’s 3.6%. May’s figure represented the weakest inflation... -
Netherlands: Harmonized inflation falls in May Latest reading: Harmonized inflation came in at 2.9% in May, which was down from April’s 4.1%. May’s reading represented the...