Inflation Ghana 2023
Average inflation: 39.0%
Current Inflation
Inflation is very high at 39.0%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 51.6%. The lowest inflation was in December at 23.2%.
- Highest month
- January: 51.6%
- Lowest month
- December: 23.2%
- Difference
- 28.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 49.0%. The lowest price increase was in Energy with an average of 46.0%.
- Highest increase
- Food: 49.0%
- Lowest increase
- Energy: 46.0%
Historical Context
Current inflation is 19.6% higher than the 5-year average of 19.4%. This approaches the highest level since records began (39.0% in 2023).
- 5-year average
- 19.4%
- 10-year average
- 16.7%
- All-time high (2023)
- 39%
- All-time low (2019)
- 7.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +8.1 percentage point.
- Change vs. previous year
- +8.1 percentage points
- Largest monthly swing
- January: +37.7 percentage points
ECB Target
Inflation is 37.0% 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 €139.00 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 51.6% | +37.7 |
| February | 50.8% | +35.1 |
| March | 43.2% | +23.8 |
| April | 39.3% | +15.7 |
| May | 40.4% | +12.8 |
| June | 40.6% | +10.8 |
| July | 41.2% | +9.4 |
| August | 38.3% | +4.4 |
| September | 38.1% | +2.4 |
| October | 35.2% | -3.3 |
| November | 26.4% | -21.9 |
| December | 23.2% | -28.9 |
| Average | 39.0% |
Data source
Data from WorldBank. Last updated: 06/01/2026.