Ghana Inflation

Inflation accelerates in June from May

Latest reading: Consumer prices rose 5.3% in annual terms in June, following a 3.7% increase in the previous month. Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+3.9% in annual terms vs +3.3% in May), transport (+9.1% vs -2.8% in May), clothing and footwear (+2.6% vs +1.8% in May) and recreation and entertainment (+6.5% vs +4.2% in May). In contrast, price pressures for housing, water, electricity, gas and other fuels eased in June (+7.9% vs +11.8% in May). Finally, consumer prices increased 0.23% in June on a month-on-month basis, following a 1.08% rise in the previous month.

Panelist insight: Commenting on the outlook, Ludovica Ambrosino, analyst at Goldman Sachs, said: “Looking ahead, we expect inflation to increase moderately, driven by the residual pass-through of higher oil prices, a weaker currency and unfavourable base effects.” Meanwhile, Oxford Economics projects a higher increase in inflation, and their senior economist Leeuwner Esterhuysen recently said: “[…] we […] expect inflation to breach the central bank upper limit of 10% in Q4 this year due to unfavourable base effects and the lagged impact of war-related shocks on the domestic price environment.”

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 18 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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