Ghana Average inflation in Ghana

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 5.8% 2027: 7.8% 2028: 8.0% 2029: 8.0% 2030: 8.0% 2031: 8.0%
12.5% (1999) ANUAL · % · Annual · CSV
Period%
Jan 1999 12.5%
Jan 1998 19.2%
Jan 1997 24.8%
Jan 1996 44.5%
Jan 1995 59.3%
Jan 1994 24.9%
Jan 1993 24.9%
Jan 1992 10.0%
Jan 1991 18.1%
Jan 1990 37.2%

About this indicator

Source
International Monetary Fund
Frequency
Annual
Release
Published annually, covering the full year and subject to revision.
What it is
Average inflation measures the average change over the year in the prices of the basket of goods and services consumed by Ghanaian households, based on the Consumer Price Index. It is compiled by the Ghana Statistical Service (GSS) and tracked by the Bank of Ghana.
How it's calculated
It is obtained from a regular price survey across a sample of outlets and regions, weighting each product by its spending share. Average inflation is the mean of the year's monthly rates of change relative to the prior year, expressed as a percentage.
Market implications
Inflation is the central reference for the Bank of Ghana's monetary policy, which runs inflation targeting and has faced bouts of very high inflation tied to the depreciation of the cedi. A high reading pushes interest rates up; its moderation allows policy to ease.
Limitations
As an annual average it smooths the year's peaks and reacts with a lag; in Ghana it has been highly volatile owing to the exchange rate and the large weight of food. It only measures the defined basket rather than every good in the economy.