Inflation in Ghana
Consumer price inflation in Ghana averaged 14.3% in the ten years to 2022, which is above the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 31.9%. For more inflation information, visit our dedicated page.
Ghana Inflation Chart
Ghana Inflation Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 8.4 | 8.7 | 10.0 | 31.9 | 39.2 |
Inflation (CPI, ann. var. %, eop) | 6.2 | 10.5 | 12.6 | 54.2 | 23.2 |
Inflation declines to over two-year low in June
Inflation fell to 22.8% in June from May’s 23.2%. June's figure marked the weakest inflation rate since March 2022 but still overshot market expectations slightly. Looking at the details of the release, the moderation was driven by slower increases in prices for transport and clothing and footwear. Similarly, prices for housing and utilities rose at a slower pace. Accordingly, the trend pointed down, with annual average inflation coming in at 28.4% in June (May: 30.0%). Finally, consumer prices increased a seasonally adjusted 2.89% in June over the previous month, moderating from May's 3.15% rise.
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.
Want to get access to the full dataset of Ghanaian inflation forecasts? Send an email to info@focus-economics.com.
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