The annual inflation rate in Ghana edged down to 9.4 percent in May 2019 from 9.5 percent in the previous month. Prices slowed for food while continued to rise for non-food products. Inflation Rate in Ghana averaged 16.26 percent from 1998 until 2019, 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.

Inflation Rate in Ghana is expected to be 8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Ghana to stand at 7.70 in 12 months time. In the long-term, the Ghana Inflation Rate is projected to trend around 7.00 percent in 2020, according to our econometric models.

Ghana Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-03-13 12:35 PM Inflation Rate YoY 9.2% 9% 9.2%
2019-04-10 10:40 AM Inflation Rate YoY 9.3% 9.2% 9.4%
2019-05-15 10:10 AM Inflation Rate YoY 9.5% 9.3% 9.0%
2019-06-12 10:20 AM Inflation Rate YoY 9.4% 9.5% 8.6%
2019-07-11 10:45 AM Inflation Rate YoY 9.4% 9.1%
2019-08-15 10:30 AM Inflation Rate YoY 8.7%
2019-09-12 10:40 AM Inflation Rate YoY 8.3%



Ghana Inflation Rate Slows to 9.4% in May

The annual inflation rate in Ghana edged down to 9.4 percent in May 2019 from 9.5 percent in the previous month. Prices slowed for food while continued to rise for non-food products.

Year-on-year, inflation softened for food & non-alcoholic beverages (6.7 percent vs 7.3 percent in April), in particular milk, cheese and eggs (3.7 percent vs 5.8 percent); cereals & cereal products (4.7 percent vs 6.8 percent); oils & fats (5.2 percent vs 7.3 percent); fish and sea food (5.9 percent vs 7 percent); meat and meat products (7.3 percent vs 8.8 percent) and mineral water, soft drinks, fruit and vegetable juices (8 percent vs 8.8 percent).

On the other hand, prices rose at a quicker pace for non-food items (10.6 percent vs 10.4 percent), driven by housing & utilities (6.5 percent vs 6.0 percent); clothing & footwear (15 percent vs 14.3 percent); furnishings (14.5 percent vs 12.8 percent); recreation & culture (15 percent vs 14.1 percent); health (7.1 percent vs 5.9 percent) and alcoholic beverages & tobacco (9.5 percent vs 8.7 percent). Meanwhile, cost slowed for transport (12.5 percent vs 13.2 percent); miscellaneous goods & services (9.5 percent vs 10 percent); hotels, cafes & restaurants (7.2 percent vs 8.1 percent); education (6.2 percent vs 7.8 percent) and communication (6.1 percent vs 6.7 percent).

On a monthly basis, consumer prices went up 0.9 percent, following a 1.1 percent rise in the preceding month.


Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/12/2019 2:26:56 PM



Ghana Prices Last Previous Highest Lowest Unit
Inflation Rate 9.40 9.50 63.10 0.40 percent [+]
Consumer Price Index CPI 238.60 236.50 238.60 9.81 Index Points [+]
Producer Prices 626.70 618.10 626.70 135.81 Index Points [+]
Food Inflation 6.70 7.30 9.70 5.00 percent [+]
Inflation Rate Mom 0.90 1.10 10.87 -3.34 percent [+]
Producer Prices Change 7.10 7.10 48.56 2.00 percent [+]
Cpi Housing Utilities 339.60 336.90 339.60 94.76 Index Points [+]
Cpi Transportation 382.80 382.20 382.80 98.06 Index Points [+]


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. This page provides - Ghana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ghana Inflation Rate - actual data, historical chart and calendar of releases - was last updated on June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
9.40 9.50 63.10 0.40 1998 - 2019 percent Monthly
2012=100




Country Last Previous
Argentina 57.30 May/19
Australia 1.30 Mar/19
Brazil 4.66 May/19
Canada 2.00 Apr/19
China 2.70 May/19
Euro Area 1.20 May/19
France 0.90 May/19
Germany 1.40 May/19
India 3.05 May/19
Indonesia 3.32 May/19
Italy 0.80 May/19
Japan 0.90 Apr/19
Mexico 4.28 May/19
Netherlands 2.40 May/19
Russia 5.10 May/19
Saudi Arabia -1.90 Apr/19
Singapore 0.80 Apr/19
South Africa 4.40 Apr/19
South Korea 0.70 May/19
Spain 0.80 May/19
Switzerland 0.60 May/19
Turkey 18.71 May/19
United Kingdom 2.10 Apr/19
United States 1.80 May/19


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