Inflation in Ghana, June 2022

Consumer prices rose a seasonally adjusted 3.02% mom in June, compared with a 4.03% rise recorded in May. June’s result was the weakest since February. Moderation was broad, with reduced price pressures on food and beverages, transport, clothing and footwear. At the same time, prices for housing and utilities grew at a more restrained pace. At the same time, monthly inflation rates remained extremely high by historical standards.

Inflation rose to 29.8% in June after 27.6% in May. June figures represent the highest inflation rate since December 2003. In June, inflation of imported goods exceeded domestic inflation for the third straight month, reflecting current global inflationary pressures. Meanwhile, average annual inflation rose to 16.4% in June (May: 14.6%).

FocusEconomics Consensus Forecast experts expect inflation to average 19.7%, which is 1.7 percentage points higher than last month’s forecast. In 2023, they forecast inflation at an average of 14.1%.