Latest reading: Consumer prices rose 2.5% in annual terms in July, following a 2.6% rise in the prior month. Relative...
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 2014 to 2025.
Source: Macrobond.
Ghana Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 10.0 | 31.9 | 39.2 | 22.9 | 14.2 |
| Inflation (CPI, ann. var. %, eop) | 12.6 | 54.2 | 23.2 | 23.8 | 5.4 |
Inflation accelerates in June from May
Latest reading: Consumer prices rose 5.3% in annual terms in June, following a 3.7% increase in the previous month. Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+3.9% in annual terms vs +3.3% in May), transport (+9.1% vs -2.8% in May), clothing and footwear (+2.6% vs +1.8% in May) and recreation and entertainment (+6.5% vs +4.2% in May). In contrast, price pressures for housing, water, electricity, gas and other fuels eased in June (+7.9% vs +11.8% in May). Finally, consumer prices increased 0.23% in June on a month-on-month basis, following a 1.08% rise in the previous month.
Panelist insight: Commenting on the outlook, Ludovica Ambrosino, analyst at Goldman Sachs, said: “Looking ahead, we expect inflation to increase moderately, driven by the residual pass-through of higher oil prices, a weaker currency and unfavourable base effects.” Meanwhile, Oxford Economics projects a higher increase in inflation, and their senior economist Leeuwner Esterhuysen recently said: “[…] we […] expect inflation to breach the central bank upper limit of 10% in Q4 this year due to unfavourable base effects and the lagged impact of war-related shocks on the domestic price environment.”
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 18 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.
Latest Global Inflation News
-
Taiwan: Inflation decelerates in July from June -
Korea: Inflation slows in July from June Latest reading: Consumer prices increased 2.8% in annual terms in July, following a 3.2% rise in the previous month. Relative... -
Qatar: Inflation is stable in June Latest reading: Consumer prices were up 2.2% on a year-on-year basis in June, unchanged from the prior month’s reading. Relative... -
Switzerland: Inflation eases in July from the prior month Latest reading: Consumer prices were up 0.4% on a year-on-year basis in July, following a 0.5% rise in the previous... -
Indonesia: Inflation decelerates in July from the prior month Latest reading: Consumer prices rose 2.9% on a year-on-year basis in July, following a 3.3% increase in the prior month... -
Vietnam: Inflation ebbs in July from June Latest reading: Consumer prices increased 4.4% in annual terms in July, following a 4.7% rise in the prior month and... -
Poland: Inflation accelerates in July from June Latest reading: Consumer prices were up 3.0% on a year-on-year basis in July, following a 2.5% increase in the prior...