Ghana’s annual inflation rate accelerated for the 12th consecutive month to 27.6% in May of 2022, from 23.6% in April, breaking the upper ceiling of the central bank’s target band of 6% to 10% for nine months. That was the highest inflation rate since January of 2004, in part due to a weaker cedi, with prices of imported goods rising more than domestic ones for the second month. The introduction of a 1.5% tax on electronic payments, which was approved by parliament in late March also added to the inflationary pressures. Prices climbed for both food (30.1% vs 26.6% in April), of which oils & fats, water and cereals; and non-food items (25.7% vs 21.7%), notably transport (39%), furnishings (33.8%) and housing & utilities (32.3%). On a monthly basis, consumer prices rose 4.1%, down slightly from a 5.1% surge in the previous month. source: Ghana Statistical Service
Inflation Rate in Ghana averaged 15.60 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 June of 2022.
Inflation Rate in Ghana is expected to be 29.00 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.