News

Ghana Inflation Rate Nears 4-Year Low
Ghana's annual consumer inflation fell to 11.5% in August 2025, a new low since October 2021, extending its downward trend for the eighth month. The cedi saw strength from rising commodity prices, supporting Ghana’s declining inflation, but some signs of weakness have recently emerged. Food inflation cooled down to 14.8% in August from 15.1% a month earlier, while non-food price growth eased to 8.7% from 9.5%. On a monthly basis, the CPI decreased by 1.3% in August, after a 0.7% rise in the previous month.
Published on 2025-09-03

Ghana Inflation Rate Nears 4-Year Low
Ghana's annual consumer inflation fell to 11.5% in August 2025, a new low since October 2021, extending its downward trend for the eighth month. Food inflation cooled down to 14.8% in August from 15.1% a month earlier, while non-food price growth eased to 8.7% from 9.5%. On a monthly basis, the CPI decreased by 1.3% in August, after a 0.7% rise in the previous month.
Published on 2025-09-03

Ghana Inflation Rate Continues to Recede
Ghana's annual consumer inflation fell further to 12.1% in July 2025, the lowest since October 2021, extending its downward trend for the seventh month. The cedi’s ongoing resilience, fueled by rising gold and cocoa prices, played a central role. Food inflation decelerated to 15.1% in July from 16.3% a month earlier and non-food price growth eased to 9.5% from 11.4% the month before. On a monthly basis, the CPI rose by 0.7%, after a 1.2% decrease in the prior month.
Published on 2025-08-06

Ghana Inflation Rate Continues to Recede
Ghana's annual consumer inflation fell further to 12.1% in July 2025, the lowest since October 2021, extending its downward trend for the seventh month. This was largely due to the ongoing strength of the cedi. Food inflation decelerated to 15.1% in July from 16.3% a month earlier and non-food price growth eased to 9.5% from 11.4% the month before. On a monthly basis, the CPI rose by 0.7%, after a 1.2% decrease in teh prior month.
Published on 2025-08-06

Ghana Inflation Rate Drops to 3-1/2-Year Low of 13.7%
Ghana's annual consumer inflation eased for the 6th month in a row, hitting 13.7% in June 2025, the lowest level since December 2021, mainly due to the cedi's ongoing strength. Food inflation moderated further to 16.3% from 22.8% in May, while non-food price growth also cooled down to 11.4% from 14.4% the month before.
Published on 2025-07-02

Ghana Inflation Rate at 2022-Lows of 18.4%
Ghana's annual consumer inflation moderated for the fifth month to 18.4% in May 2025, reaching the lowest point since February 2022, mainly supported by a stronger currency. Ghana, the largest gold producer in Africa, has seen its currency, the cedi, appreciate by over 30% this year, making it the world’s top-performing currency, buoyed by a surge in gold prices. Price growth slowed for both food (22.8% vs 25% in April) and non-food products (14.4% vs 17.9%). On a monthly basis, consumer prices rose by 0.7% in May.
Published on 2025-06-04

Ghana Inflation Rate Slows for 4th Month
Ghana's annual consumer inflation eased for the fourth month to 21.2% in April 2025, reaching the lowest in eight months, largely due to the recent strength of the cedi. Both food (25% vs 26.5% in March) and non-food (17.9% vs 18.7%) prices experienced slower growth. On a monthly basis, consumer prices rose by 0.8%.
Published on 2025-05-07

Ghana Inflation Rate Slows to 5-Month Low
Ghana's annual consumer inflation fell for the third month to 22.4% in March 2025, reaching the lowest in five months, helped by the stability of the cedi. Still, the inflation rate remains well above the Bank of Ghana’s 8% target range, with a 6%-10% tolerance band. Price growth moderated for both food (26.5% vs 28.1% in February) and non-food products (18.7% vs 18.8%). On a monthly basis, consumer prices rose by 0.2%, marking the softest increase in seven months, after a 1.3% rise in the previous month.
Published on 2025-04-02

Ghana Inflation Rate Slows Again in February
Ghana's annual consumer inflation eased for the second month to 23.1% in February 2025, from 23.5% in January, partly due to a more stable exchange rate. Still, the inflation rate remains well above the Bank of Ghana’s 8% target range, with a 6%-10% tolerance band. Food inflation decelerated for the first time in six months to 28.1% from 28.3% in January, while non-food price growth moderated to 18.8% from 19.2%. On a monthly basis, consumer prices rose by 1.3%, the least in four months, after a 1.7% increase in the prior month. The central bank said in January that it would take longer for inflation to return to within the target.
Published on 2025-03-05

Ghana Inflation Rate Eases for 1st Time in 5 Months
Ghana's annual consumer inflation fell slightly to 23.5% in January 2025, down from an eight-month high of 23.8% in the prior month, marking the first decrease in five months. Still, inflation remains well above the Bank of Ghana’s 8% target range, with a 6%-10% tolerance band. The central bank warned recently that inflation will take longer to return to target. Non-food inflation slowed (19.2% vs 20.3% in December), contributing to the decline, while food prices (28.3% vs 27.8%) continued to increase. On a monthly basis, consumer prices rose by 1.7%, following a 1.8% increase in the month before.
Published on 2025-02-04

Ghana Inflation Rate Rises to 8-Month High
Ghana's annual consumer inflation increased marginally for the fourth straight month, reaching 23.8% in December 2024, up from 23% in the prior month. It was the steepest inflation rate since April 2024, mainly driven by prices of food & non-alcoholic beverages (27.8% vs 25.9%). Meanwhile, price growth decelerated for non-food products (20.3% vs 20.7%).
Published on 2025-01-08

Ghana Inflation Rate Speeds Up to 6-Month High
Ghana's annual consumer inflation climbed for the third month to 23% in November 2024, the steepest since May, accelerating from 22.1% in the prior month. Upward pressure came mostly from food prices (25.9% vs 22.8% in October), especially for staple items like beans and yams. Non-food inflation decelerated to 20.7% from 21.5%. On a monthly basis, consumer prices surged by 2.6% in November, after a 0.8% rise in the prior month. Ghana is heading for its ninth general election on December 7th, with polls revealing that the ongoing cost-of-living crisis is a major concern for voters, likely to influence the election outcome significantly.
Published on 2024-12-04

Ghana Inflation Rate Quickens to 4-Month High
Ghana's annual consumer inflation rose for the second month to 22.1% in October 2024, accelerating from 21.5% in the prior month. It was the highest reading in four months, amid the ongoing depreciation of the cedi. Food inflation increased to 22.8% from 22.1%, fueled by a 72.9% rise in egg prices and a 91.8% spike in dried pepper costs. Non-food inflation also picked up, climbing to 21.5% from 20.9%. On a monthly basis, consumer prices rose by 0.9% in October, following a 2.8% surge in the prior month.
Published on 2024-11-06

Ghana Inflation Rate Picks Up to 21.5%
Ghana's annual consumer inflation climbed to 21.5% in September 2024, up from a near 2-1/2-year low of 20.4% in the prior month. This marks the first increase in inflation after six months of decline, driven by rising food prices (22.1% vs 19.1% in August). Non-food inflation, in turn, slowed to 20.9% from 21.5%. On a monthly basis, consumer prices soared by 2.8% in September, after a 0.7% fall in the prior month. Last week, Ghana's central bank slashed its benchmark monetary policy rate by 200 points to 27%, in response to improving economic indicators, including inflation.
Published on 2024-10-02

Ghana Inflation Rate Falls to Near 2-1/2-Year Low
Ghana's annual consumer inflation eased for the 5th straight month in August 2024, falling to a near 2-1/2-year low of 20.4% from 20.9% the prior month. Although inflation has been easing, it remains well above the central bank's target band of 6% to 10%. The slowdown was largely attributed to the relative stability of the cedi and a further decline in food inflation, which dropped to 19.1% from 21.5% in July, due to deflation in categories such as milk, oils and fats, and fruits and nuts. Meanwhile, non-food inflation accelerated (21.5% vs 20.5%). On a monthly basis, consumer prices fell by 0.7% in August, marking the first decrease in a year, after a 2.4% rise in the prior month.
Published on 2024-09-11

Ghana Inflation Rate Eases for 4th Month
Ghana's annual consumer inflation slowed for the 4th month to 20.9% in July 2024, the lowest since March 2022, down from 22.8% in the prior month. Still, it remains well above the central bank's target band of 6% to 10%. The drop in inflation was attributed to a decline in both food (21.5% vs 24% in June) and non-food inflation (20.5% vs 21.6%), despite the ongoing depreciation of the cedi. Notably, the inflation rate for imported goods was considerably lower at 15.6%, compared to 23.3% for locally produced items. On a monthly basis, consumer prices rose by 2.1% in July, after a 2.9% jump in the previous month.
Published on 2024-08-14

Ghana Inflation Rate Falls to Over 2-Year Low of 22.8%
Ghana's annual consumer inflation eased for the third month to 22.8% in June 2024, the lowest since March 2022, slowing from 23.1% in May. Still, it remains well above the central bank's target band of 6% to 10%. The deceleration in overall inflation was largely driven by non-food prices (21.6% vs 23.6% in May), while those of food climbed further (24% vs 22.6%). The recent stabilization of the cedi likely played a role in this trend. The local currency has depreciated by 0.6% against the dollar this month, a significant improvement compared to the 3.7% depreciation in June and the 7.3% decline in May. On a monthly basis, consumer prices rose by 2.9% in June.
Published on 2024-07-10

Ghana Inflation Rate Eases for 2nd Month to 23.1%
Ghana's annual consumer inflation decelerated further to an over two-year low of 23.1% in May 2024, compared to 25% in the prior month, though still above the central bank's target band of 6% to 10%. The slight moderation in overall inflation was mainly due to a favorable base effect and despite a slumping cedi. Food inflation eased to 22.6% from 26.8, while non-food inflation increased to 23.6%, up from 23.5%. On a monthly basis, consumer prices climbed by 3.2% in May, the most in ten months, after a 1.8% rise in the prior month. The local currency has faced downward pressure since the start of the year due to heightened demand for foreign exchange to finance imports, a decrease in cocoa earnings, and delays in debt restructuring. Meanwhile, the country reached a memorandum of understanding with its official creditors formalizing debt treatment plans agreed in January. The deal paves the way for the International Monetary Fund to make its next disbursement of $360 million.
Published on 2024-06-12

Ghana Inflation Rate Slows Slightly to 25% in April
Ghana's annual consumer inflation eased slightly to 25% in April 2024, from a four-month high of 25.8% in March, but still well above the central bank's target band of 6% to 10%. The mild deceleration was mainly due to a favorable base effect from last year, as the local currency remained under pressure. The cedi has depreciated nearly 14% against the greenback so far this year, pressured by a stronger dollar and a decline in cocoa output, as well as delays in debt restructuring. Food inflation dropped to 26.8% in April from 29.6% in March, while non-food prices accelerated to 23.5% from 22.6% in March, boosted by higher transportation costs. On a monthly basis, the CPI rose by 1.8% in April.
Published on 2024-05-08

Ghana Inflation Rate Quickens to 4-Month High of 25.8%
Ghana's annual consumer inflation accelerated to a four-month high of 25.8% in March 2024, up from 23.2% in the prior month and well above the central bank's target band of 6% to 10%. The sharper rise in overall inflation was mainly due to a depreciating currency, leading to higher costs for imported goods. Accordingly, prices climbed for both food (29.6% vs 27% in February) and non-food products (22.6% vs 20%), notably fuels. The cedi has depreciated by almost 11% against the dollar since the beginning of the year, pressured by a stronger dollar and a decline in cocoa output, as well as delays in debt restructuring.
Published on 2024-04-10