Inflation came in at 9.6% in July, down from 10.0% in June. A more moderate increase in the prices of non-food items, particularly for housing, water, electricity, gas and other fuels, as well as of clothing and footwear, helped drive price pressures down in July. Meanwhile, food inflation remained broadly stable compared to the previous month in July.
As a result, inflation moved slightly closer to the Central Bank’s medium-term inflation target of 8.0% plus or minus 2.0 percentage points. Meanwhile, annual average inflation ticked down from 11.0% in June to 10.8% in July, marking an over four-year low.
On a month-on-month basis, consumer prices rose 0.4% in June, down from the 1.0% increase in the previous month.
Ghana Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 10.0% in 2018, which is down 0.1 percentage points from last month’s forecast, and 9.0% in 2019.