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.

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Ghana Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-11 10:00 AM Apr 23.6% 19.4% 20%
2022-06-08 10:00 AM May 27.6% 23.6%
2022-07-13 10:00 AM Jun 27.6% 29%


Related Last Previous Unit Reference
Inflation Rate 27.60 23.60 percent May 2022
Consumer Price Index CPI 162.80 156.50 points May 2022
Inflation Rate Mom 4.10 5.10 percent May 2022
CPI Transportation 161.20 148.60 points Mar 2022
CPI Housing Utilities 183.40 180.30 points Mar 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
27.60 23.60 63.10 0.40 1998 - 2022 percent Monthly
2018=100

News Stream
Ghana Inflation Rate Hits Near 18-Year High
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.
2022-06-08
Ghana April Inflation Rate at Over 18-Year High
Ghana’s annual inflation rate accelerated for the eleventh consecutive month to 23.6% in April of 2022, from 19.4% in March. That was the highest inflation rate since January of 2004. Food-price growth quickened to an all-time high of 26.6% from 22.4% in March. Also, non-food inflation climbed to 21.3% from 17% in the prior month, led by higher prices of transport (33.5%), household equipment and maintenance (28.5%); and housing and utilities (25%). On a monthly basis, consumer prices rose by 5.1%.
2022-05-11
Ghana Inflation Rate Steepest since 2009
Ghana’s annual inflation rate accelerated for the tenth consecutive month to 19.4% in March of 2022, from 15.7% in February. That was the highest rate since August of 2009, breaching the Bank of Ghana's target band of 6% to 10% for the seventh month. Food-price growth quickened to 22.4% from 17.4% in February, driven by cooking oil, water and cereal products. Non-food inflation also climbed to 17% from 14.5%, on account of prices of transportation (27.6%), of which fuels; and housing & utilities (21.4%). On a monthly basis, consumer prices surged by 4%, the most since January of 2016. The strong acceleration in consumer prices comes after the Bank of Ghana lifted its key rate by a massive 250 bps to 17% on March 21st, saying already high inflation was being worsened by the Russia-Ukraine war. The government also announced a flurry of spending cuts to tackle inflation, reduce the deficit and restore a depreciating local currency.
2022-04-13