Ghana Inflation Rate Edges Up to 17.7% in December


Consumer prices in Ghana increased 17.70 percent year-on-year December of 2015, following a 17.6 percent rise in the previous month. It is the highest inflation rate since July. The main drivers came from the non-food group, partially fuelled by last month's utility price increases and a bit of an increase in transport fares.

Year-on-year, transport prices rose at a faster 27.0 percent (26.2 percent in November); housing, water, electricity, gas and other fuels went up by 24.3 percent (+24.1 percent in November);  food and non-alcoholic beverages by 8.0 percent (+7.9 percent in November); cost of hotels and cafes by 18.9 percent (+18.1 percent in November); recreation and culture by 26.9 percent (+26.5 percent in November). In contrast, clothing and footwear (+24.1 percent from +25.6 percent in November) and education (+26.8 percent from +29.6 percent in November) increased at slower pace. 

On a monthly basis, consumer prices went up by 1.1 percent, compared to a 1.0 percent in the previous month. Food cost rose by 0.8 percent; transport by 1.4 percent; housing, water, electricity, gas and other fuels by 0.3 percent and clothing and footwear by 1.5 percent. 

Lower commodity prices and a fiscal crisis led to a sharp drop in the cedi against the USD, raising import prices and the pushing the inflation up in the last two years. The country signed a three-year aid deal with the IMF in April this year, to help fixing economic problems and increase credibility among investors.

Ghana Inflation Rate Edges Up to 17.7% in December


Ghana Statistical Service | Yekaterina Guchshina | yekaterina@tradingeconomics.com
1/13/2016 12:25:54 PM