Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
Inflation in Ghana
Consumer price inflation in Ghana averaged 17.6% in the ten years to 2024, in line with the Sub-Saharan Africa regional average of 10.8%. The 2024 average figure was 22.9%. For more information on inflation, visit our dedicated page.
Ghana Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Ghana from 2024 to 2015.
Source: Macrobond.
Ghana Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 8.7 | 10.0 | 31.9 | 39.2 | 22.9 |
| Inflation (CPI, ann. var. %, eop) | 10.5 | 12.6 | 54.2 | 23.2 | 23.8 |
Inflation drops to lowest level in nearly four years in August
Latest reading: Inflation decreased to 11.5% in August from July’s 12.1%, marking the eighth consecutive fall. August's figure represented the lowest inflation rate since October 2021. Looking at the details of the release, the deceleration was driven by moderating price pressures for food and beverages and easing price pressures for housing and utilities. Moreover, prices for clothing and footwear grew at a more subdued pace. Accordingly, the trend pointed down, with annual average inflation falling to 19.5% in August (July: 20.3%). Finally, consumer prices dropped 1.29% over the previous month in August, swinging from July's 0.68% rise. August's result marked the weakest reading since August 2019.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian inflation projections for the next ten years from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Ghanaian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian inflation projections.
Want to get access to the full dataset of Ghanaian inflation forecasts? Send an email to info@focus-economics.com.
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