Ghana’s annual inflation rate accelerated for the 15th straight month to 33.9% in August of 2022, from 31.7% in July, but below market forecasts of 34.3%. It was the highest reading since August of 2001, even after Ghana's central bank delivered a record 300bps rate hike during an emergency meeting in August. Prices continued to soar for both food (34.4% vs 32.3% in July), namely oils & fats and non-food items (33.6% vs 31.3%), of which transport and housing & utilities, with prices of imported goods rising more than domestic ones for the fifth month on the back of a sliding currency. On a monthly basis, consumer prices rose by 1.9%, the least in eight months, after a 3.1% rise in the prior month. source: Ghana Statistical Service

Inflation Rate in Ghana averaged 15.76 percent from 1998 until 2022, reaching an all time high of 63.10 percent in March of 2001 and a record low of 0.40 percent in May of 1999. This page provides - Ghana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ghana Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.

Inflation Rate in Ghana is expected to be 35.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ghana Inflation Rate is projected to trend around 10.00 percent in 2023 and 7.00 percent in 2024, according to our econometric models.

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Ghana Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-10 10:00 AM Jul 31.7% 29.8% 30.8% 31.4%
2022-09-14 10:00 AM Aug 33.9% 31.7% 34.3% 33%
2022-10-12 10:00 AM Sep 33.9%


Related Last Previous Unit Reference
Inflation Rate 33.90 31.70 percent Aug 2022
Consumer Price Index CPI 176.30 173.00 points Aug 2022
Inflation Rate MoM 1.90 3.10 percent Aug 2022
CPI Transportation 200.60 197.70 points Aug 2022
CPI Housing Utilities 228.20 220.30 points Aug 2022

Ghana Inflation Rate
In Ghana, the most important components in the Consumer Price Index (CPI) are Food and Non Alcoholic Beverages (43.6 percent of total weight); Housing, Water, Electricity, Gas and Other Utilities (9.5 percent) and Clothing and Footwear (8.9 percent). Transport account for 7.2 percent of total index, Miscellaneous Goods and Services for 7 percent, Hotels, Cafés and Restaurants for 6 percent and Furnishing and Household Equipment for 4.6 percent. Education represents 3.8 percent of total weight, Recreation and Culture another 2.7 percent and Communication 2.6 percent. Health accounts for the remaining 2.4 percent and Alcoholic Beverages, Tobacco and Narcotics 1.6 percent.
Actual Previous Highest Lowest Dates Unit Frequency
33.90 31.70 63.10 0.40 1998 - 2022 percent Monthly
2018=100

News Stream
Ghana August Inflation Rate Hits 21-Year High
Ghana’s annual inflation rate accelerated for the 15th straight month to 33.9% in August of 2022, from 31.7% in July, but below market forecasts of 34.3%. It was the highest reading since August of 2001, even after Ghana's central bank delivered a record 300bps rate hike during an emergency meeting in August. Prices continued to soar for both food (34.4% vs 32.3% in July), namely oils & fats and non-food items (33.6% vs 31.3%), of which transport and housing & utilities, with prices of imported goods rising more than domestic ones for the fifth month on the back of a sliding currency. On a monthly basis, consumer prices rose by 1.9%, the least in eight months, after a 3.1% rise in the prior month.
2022-09-14
Ghana July Inflation Above Forecasts
Ghana’s annual inflation rate accelerated for the 14th straight month to 31.7% in July of 2022, from 29.8% in June, breaching the upper ceiling of the central bank’s target band of 6% to 10% for eleven months. It was the highest reading since December of 2003, surpassing market forecasts of 30.8%. Prices quickened further for both food (32.3% vs 30.7% in June) and non-food products (31.3% vs 29.1%), on the back of a weakening cedi, with prices of imported goods outpacing domestic ones for the fourth month. On a monthly basis, consumer prices advanced by 3.1%, up slightly from a 3% rise in the previous month.
2022-08-10
Ghana Inflation Rate Soars to Near 19-Year High
Ghana’s annual inflation rate accelerated for the 13th consecutive month to 29.8% in June of 2022, from 27.6% in May, breaking the upper ceiling of the central bank’s target band of 6% to 10% for ten months. It was the highest reading since December of 2003, even after a 200bps rate hike to 19% by the central bank in May. Prices continued to soar for both food (30.7% vs 30.1% in May) and non-food items (29.1% vs 25.7%), in part due to a weaker cedi, with prices of imported goods rising more than domestic ones for the third month and after the introduction of a highly contested 1.5% tax on electronic transactions in March. Following protests in Ghana's capital Accra last month over rising inflation, the Ghanaian government reversed a policy decision not to seek assistance from the IMF and began talks with the multilateral lender for as much as $1.5 billion to shore up its finances. On a monthly basis, consumer prices rose 3%.
2022-07-13