Inflation in Ghana

Ghana Inflation | Economic News & Forecasts

Ghana - Inflation

Inflation comes in at highest level since August 2001 in August

Inflation increased to 33.9% in August, following July’s 31.7%. August's result was the highest inflation rate in 21 years. In August, inflation for imported items exceeded domestic inflation for the fifth month running, reflecting elevated global commodity prices and currency depreciation. Looking at the details of the release, the acceleration was driven by prices for food and beverages, which rose at a faster rate in August compared to other goods. Furthermore, prices for transport, as well as clothing and footwear, increased at a faster clip.

The trend pointed up, with average inflation over the previous 12 months coming in at 20.5% in August (July: 18.4%). Lastly, consumer prices increased by a seasonally adjusted 1.91% in August over the previous month, below July's 3.15% rise. August's result marked the weakest reading since December 2021 but remained elevated by historical standards.

Our panelists see inflation averaging 26.1% in 2022, which is up 1.3 percentage points from last month’s forecast, and 20.2% in 2023.

Ghana - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)17.2  17.5  12.4  9.8  8.7  

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Ghana Inflation Chart


Ghana Inflation
Note: Inflation, annual average variation of consumer price index (CPI) in %.
Source: Ghana Statistical Services

Ghana Facts

Value Change Date
Exchange Rate5.700.0 %Jan 01
Stock Market0.10.0 %Dec 31

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