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. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Ghana - Inflation - Recent values chart

Historical series
Ghana - Inflation - historical chart - 1965-2023




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.
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
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