Inflation in Ghana
Ghana - Inflation (end of period)
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 (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||17.7||15.4||11.8||9.4||7.9|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Inflation (eop) Chart
Source: Ghana Statistical Service
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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November 3, 2022
The IHS Markit Purchasing Managers’ Index (PMI) fell to 44.0 in October from September's 45.6.
October 6, 2022
At its meeting on 6 October, the Monetary Policy Committee of the Bank of Ghana (BoG) hiked its policy rate by 250 basis points to 24.50%.
October 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 45.6 in September, down from August's 45.9.
September 20, 2022
GDP growth sped up to 4.8% year on year in the second quarter, from 3.4% in the first quarter. Both the oil and non-oil sectors expanded at faster paces.
September 14, 2022
Inflation increased to 33.9% in August, following July’s 31.7%.