Ghana: Inflation
* indicates monthly or quarterly data series
Ghana |
Inflation: percent change in the Consumer Price Index |
---|---|
Latest value | 38.1 |
Year | 2023 |
Measure | percent |
Data availability | 1965 - 2023 |
Average | 27.3 |
Min - Max | -8.4 - 122.9 |
Source | The World Bank |
The latest value from 2023 is 38.1 percent, an increase from 31.3 percent in 2022. In comparison, the world average is 10.0 percent, based on data from 149 countries. Historically, the average for Ghana from 1965 to 2023 is 27.3 percent. The minimum value, -8.4 percent, was reached in 1967 while the maximum of 122.9 percent was recorded in 1983.
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Inflation in Ghana and other countries is usually calculated as the percent change in the Consumer Price Index (CPI) from one year to the next. The CPI represents the prices paid by the average urban consumer in each respective country. Inflation can also be calculated with other price indexes such as the Produce Price Index or the so-called GDP deflator.
Most countries try to keep inflation somewhere around 2-3 percent per year. That is too low to cause any problems for the businesses and households. At the same time, it is comfortably away from negative inflation, i.e. from deflation. Of course, this target is often missed.
Most countries try to keep inflation somewhere around 2-3 percent per year. That is too low to cause any problems for the businesses and households. At the same time, it is comfortably away from negative inflation, i.e. from deflation. Of course, this target is often missed.
Definition: Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Inflation | 38.1 | 2023 | percent |
Exchange rate regimes | 6 | 2022 | index points |
USD exchange rate | 16.0261 | 10/2024 | Local Currency Units per USD |
Money supply (broad money) | 294.29 | 8/2024 | billion |
Consumer Price Index (CPI) | 235.8000 | 9/2024 | index points |
Inflation, monthly | 2.79 | 9/2024 | percent |
Inflation, annual | 21.48 | 9/2024 | percent |
Private sector credit | 86.68 | 8/2024 | billion |
Deposit interest rate | 11.00 | 8/2024 | percent |