Ghana: Inflation decelerates to lowest since 2021 in December
Latest reading: Consumer prices increased 5.4% in annual terms in December, following a 6.3% rise in the prior month. December’s reading was the weakest since the 2021 rebase.
Relative to the previous month’s data, there were milder price pressures for food and beverages (+4.9% on a year-on-year basis vs +6.6% in November), transport (-5.0% vs -4.8% in November) and recreation and entertainment (+12.7% vs +12.8% in November). In contrast, price pressures were higher for housing and utilities in December (+11.8% vs +10.2% in November). Finally, the change in clothing and footwear prices was the same as in the prior month (+9.9% in December and November).
Lastly, consumer prices rose 0.91% in December in month-on-month terms, following a 0.93% rise in the previous month.
Panelist insight: Oxford Economics’ senior economist Leeuwner Esterhuysen commented on the outlook:
“We anticipate that inflation will remain muted in the near term, slowing to an average of 7.3% in 2026 from 14.2% last year. Relative currency stability, elevated FX reserve levels, prudent fiscal spending, and soft global commodity prices support our inflation outlook.”