Ghana Inflation Rate Continues to Rise

Consumer prices in Ghana increased 16.8 percent year-on-year in April of 2015, up from 16.6 percent in March, due to higher utilities cost.

Compared to April 2014, housing, water, electricity, gas and other fuels prices rose 25.0 percent, pushing up non-food products cost by 23.2 percent, from 23.1 percent in March. Additional upward pressure came from: food and non-alcoholic beverages (+7.2 percent); clothing and footwear (+23.7 percent), transport prices (+24.5 percent), furnishings and household equipment (+23.2 percent), education (+23.0 percent) and health (+18.4 percent).

On a monthly basis, the consumer price index increased by 1.8 percent, up from a 1.0 percent rise in the previous month.

Bank of Ghana raised its monetary policy rate from 21 percent to 22 percent on May 13th, as the cedi headed for a record low, boosting the underlying inflation pressure. Policy makers are expecting a moderate growth in the medium-term as fiscal consolidation is being implemented. The resulting domestic demand contraction will contribute to mitigate the rising consumer prices.

Ghana Inflation Rate Continues to Rise

Ghana Statistical Service | Joana Ferreira |
5/15/2015 11:48:02 AM