The annual inflation rate in Ghana fell to 7.8 percent in August 2019, the lowest level since September 2013, from 9.4 percent in the previous month, and below the mid-point of Bank of Ghana's target range of 6-10 percent. Prices slowed for non-food products while picked up for food. Inflation Rate in Ghana averaged 16.17 percent from 1998 until 2019, 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.

Inflation Rate in Ghana is expected to be 8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Ghana to stand at 9.30 in 12 months time. In the long-term, the Ghana Inflation Rate is projected to trend around 8.00 percent in 2020, according to our econometric models.

Ghana Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-12 10:20 AM Inflation Rate YoY May 9.4% 9.5% 8.6%
2019-07-10 10:10 AM Inflation Rate YoY Jun 9.1% 9.4% 9.1%
2019-08-14 10:20 AM Inflation Rate YoY Jul 9.4% 9.1% 8.7%
2019-09-18 12:00 PM Inflation Rate YoY Aug 7.8% 9.4% 9.2%
2019-10-09 01:00 PM Inflation Rate YoY Sep 7.8% 8.5%
2019-11-14 10:30 AM Inflation Rate YoY Oct 9.0%
2019-12-12 10:30 AM Inflation Rate YoY Nov 9.2%



Ghana Inflation Rate Lowest since 2013

The annual inflation rate in Ghana fell to 7.8 percent in August 2019, the lowest level since September 2013, from 9.4 percent in the previous month, and below the mid-point of Bank of Ghana's target range of 6-10 percent. Prices slowed for non-food products while picked up for food.

Year-on-year, prices increased at a softer pace for non-food products (7.4 percent vs 10.4 percent in July), namely clothing & footwear (6.6 percent vs 14.9 percent); hotels, cafes & restaurants (4.8 percent vs 9.9 percent); education (2.7 percent vs 6.4 percent); health (5.4 percent vs 7.9 percent); furnishings (6.1 percent vs 14.6 percent) and recreation & culture (7.4 percent vs 14.8 percent). Meanwhile, cost rose further for alcoholic beverages & tobacco (12.9 percent vs 10.3 percent); housing & utilities (9.9 percent vs 9.8 percent), mainly attributable to hikes in electricity and water tariffs with effect from July and transport (10.2 percent vs 6.9 percent), following hikes in fuel prices.

Contrastingly, food inflation jumped to 8.2 percent from 6.6 percent in the prior month, boosted by prices of fruits and nuts (25.2 percent); cereals and cereal products (10.6 percent); sugar, confectionery and deserts (9.0 percent), and ready-made food and other food products (8.3 percent).

The base year for the consumer price index was changed to 2018 from 2012 and the new basket was expanded to 307 items compared with 267 before.


Ghana Statistical Service Luisa Carvalho | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/19/2019 9:15:27 AM


News

Ghana Inflation Rate Edges Up to 9.4% in July
The annual inflation rate in Ghana rose to 9.4 percent in July of 2019 from 9.1 percent in the previous month, driven by prices of both food and non-food products.
Published on 2019-08-14

Ghana Inflation Rate at 5-Month Low of 9.1%
The annual inflation rate in Ghana fell to 9.1 percent in June 2019 from 9.4 percent in the previous month. It was the lowest inflation rate since January, as prices rose slightly less for both food and non-food products.
Published on 2019-07-10

Ghana Inflation Rate Slows to 9.4% in May
The annual inflation rate in Ghana edged down to 9.4 percent in May 2019 from 9.5 percent in the previous month. Prices slowed for food while continued to rise for non-food products.
Published on 2019-06-12

Ghana Inflation Rate Rises Further to 9.5% in April
The annual inflation rate in Ghana rose to 9.5 percent in April 2019 from 9.3 percent in the prior month. It is the highest inflation rate since last October, as prices advanced faster for non-food products (10.4 percent vs 9.7 percent in March) while food cost slowed (7.3 percent vs 8.4 percent).
Published on 2019-05-16



Ghana Prices Last Previous Highest Lowest Unit
Inflation Rate 7.80 9.40 63.10 0.40 percent [+]
Consumer Price Index CPI 242.00 240.50 242.00 9.81 Index Points [+]
Producer Prices 658.10 650.30 658.10 135.81 Index Points [+]
Food Inflation 8.20 6.60 9.70 5.00 percent [+]
Inflation Rate Mom 0.60 0.80 10.87 -3.34 percent [+]
Producer Prices Change 10.20 8.80 48.56 2.00 percent [+]
Cpi Housing Utilities 340.70 339.60 340.70 94.76 Index Points [+]
Cpi Transportation 383.10 382.80 383.10 98.06 Index Points [+]


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. This page provides - Ghana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ghana Inflation Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
7.80 9.40 63.10 0.40 1998 - 2019 percent Monthly
2018=100




Country Last Previous
Argentina 53.60 Aug/19
Australia 1.60 Jun/19
Brazil 3.43 Aug/19
Canada 1.90 Aug/19
China 2.80 Aug/19
Euro Area 1.00 Aug/19
France 1.00 Aug/19
Germany 1.40 Aug/19
India 3.21 Aug/19
Indonesia 3.49 Aug/19
Italy 0.40 Aug/19
Japan 0.30 Aug/19
Mexico 3.16 Aug/19
Netherlands 2.80 Aug/19
Russia 4.30 Aug/19
Saudi Arabia -1.30 Jul/19
Singapore 0.50 Aug/19
South Africa 4.30 Aug/19
South Korea 0.00 Aug/19
Spain 0.30 Aug/19
Switzerland 0.30 Aug/19
Turkey 15.01 Aug/19
United Kingdom 1.70 Aug/19
United States 1.70 Aug/19


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