Inflation Ghana 2004
Average inflation: 18.2%
Current Inflation
Inflation is very high at 18.2%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 29.0%. The lowest inflation was in July at 15.0%.
- Highest month
- January: 29.0%
- Lowest month
- July: 15.0%
- Difference
- 14.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 18.1%. The lowest price increase was in Energy with an average of 13.0%.
- Highest increase
- Food: 18.1%
- Lowest increase
- Energy: 13.0%
Historical Context
Current inflation is 10.0% lower than the 5-year average of 28.2%.
- 5-year average
- 28.2%
- 10-year average
- 22.8%
- All-time high (2001)
- 43.5%
- All-time low (1999)
- 5%
Trend
Inflation shows an upward trend. Compared to 2003, inflation has risen by -11.6 percentage point.
- Change vs. previous year
- -11.6 percentage points
- Largest monthly swing
- July: -18.0 percentage points
ECB Target
Inflation is 16.2% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €118.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 29.0% | +15.5 |
| February | 18.6% | -6.9 |
| March | 15.6% | -14.2 |
| April | 17.3% | -12.0 |
| May | 17.6% | -14.0 |
| June | 18.0% | -14.9 |
| July | 15.0% | -18.0 |
| August | 17.5% | -16.1 |
| September | 19.6% | -10.2 |
| October | 16.9% | -16.3 |
| November | 16.5% | -17.1 |
| December | 16.4% | -14.9 |
| Average | 18.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.