Inflation Rates: 1992-2013

Rates of inflation are calculated using the Current Consumer Price Index published monthly by the Ghana Statistical Service (GSS) charged by Law with the responsibility of collecting, compiling, analyzing and disseminating official statistics in Ghana.

What is inflation?

Inflation is simply an increase in the level of prices (of goods and services in the country). A higher inflation means that you can buy less for your money. Most economists consider a normal level of inflation to be 2-3% per year. Inflation can be measured in a variety of ways, but the method currently used by the Ghana Statistical Service is the Consumer Price Index (CPI).

Consumer Price Index (Ghana)

The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to "a" price level. The CPI includes items such as services, housing, electricity, food, and transportation.

So why bother about inflation?

If inflation is low, prices of food should go down, interest rates on loans should go down,the value of the Ghana Cedi should appreciate and subsequently prices of imports should go down. (Unfortunately this is mostly not the case)

Put in simple terms:

Lower Inflation = Cedi Appreciation to Foreign Currencies = Cheaper imports = Lower prices for goods and services

This leads to:

Lower interest rates = less expensive borrowing costs for industry and private individuals = more investments = more economic growth

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Ghana Inflation : 1992 - 2013
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Date Period Inflation

2013-05-01 Mahama (1st Term) 11.1000

2013-04-01 Mahama (1st Term) 10.6000

2013-03-01 Mahama (1st Term) 10.4000

2013-02-01 Mahama (1st Term) 10.0000

2013-01-01 Mahama (1st Term) 8.8000

2012-12-01 Mills (1st Term) 8.8000

2012-11-01 Mills (1st Term) 9.3000

2012-10-01 Mills (1st Term) 9.2000

2012-09-01 Mills (1st Term) 9.4000

2012-08-01 Mills (1st Term) 9.5000

2012-07-01 Mills (1st Term) 9.5000

2012-06-01 Mills (1st Term) 9.4000

2012-05-01 Mills (1st Term) 9.3000

2012-04-01 Mills (1st Term) 9.1000

2012-03-01 Mills (1st Term) 8.8000

2012-02-01 Mills (1st Term) 8.6000

2012-01-01 Mills (1st Term) 8.7000

2011-12-01 Mills (1st Term) 8.5800

2011-11-01 Mills (1st Term) 8.5500

2011-10-01 Mills (1st Term) 8.6000

2011-09-01 Mills (1st Term) 8.4000

2011-08-01 Mills (1st Term) 8.4100

2011-07-01 Mills (1st Term) 8.3900

2011-06-01 Mills (1st Term) 8.5900

2011-05-01 Mills (1st Term) 8.9000

2011-04-01 Mills (1st Term) 9.0200

2011-03-01 Mills (1st Term) 9.1300

2011-02-01 Mills (1st Term) 9.1600

2011-01-01 Mills (1st Term) 9.0800

2010-12-01 Mills (1st Term) 8.5800

2010-11-01 Mills (1st Term) 9.0800

2010-10-01 Mills (1st Term) 9.3800

2010-09-01 Mills (1st Term) 9.3800

2010-08-01 Mills (1st Term) 9.4400

2010-07-01 Mills (1st Term) 9.4600

2010-06-01 Mills (1st Term) 9.5200

2010-05-01 Mills (1st Term) 10.6800

2010-04-01 Mills (1st Term) 11.6600

2010-03-01 Mills (1st Term) 13.3200

2010-02-01 Mills (1st Term) 14.2300

2010-01-01 Mills (1st Term) 14.7800

2009-12-01 Mills (1st Term) 15.9700

2009-11-01 Mills (1st Term) 16.9200

2009-10-01 Mills (1st Term) 18.0400

2009-09-01 Mills (1st Term) 18.3700

2009-08-01 Mills (1st Term) 19.6500

2009-07-01 Mills (1st Term) 20.5000

2009-06-01 Mills (1st Term) 20.7400

2009-05-01 Mills (1st Term) 20.0600

2009-04-01 Mills (1st Term) 20.5600

2009-03-01 Mills (1st Term) 20.5300

2009-02-01 Mills (1st Term) 20.3400

2009-01-01 Mills (1st Term) 19.8600

2008-12-01 Kufour (2nd Term) 18.1300

2008-11-01 Kufour (2nd Term) 17.4400

2008-10-01 Kufour (2nd Term) 17.3000

2008-09-01 Kufour (2nd Term) 17.8900

2008-08-01 Kufour (2nd Term) 18.1000

2008-07-01 Kufour (2nd Term) 18.3100

2008-06-01 Kufour (2nd Term) 18.4100

2008-05-01 Kufour (2nd Term) 16.8800

2008-04-01 Kufour (2nd Term) 15.3000

2008-03-01 Kufour (2nd Term) 13.7900

2008-02-01 Kufour (2nd Term) 13.2100

2008-01-01 Kufour (2nd Term) 12.8100

2007-12-01 Kufour (2nd Term) 12.7500

2007-11-01 Kufour (2nd Term) 11.4000

2007-10-01 Kufour (2nd Term) 10.1000

2007-09-01 Kufour (2nd Term) 10.2000

2007-08-01 Kufour (2nd Term) 10.4000

2007-07-01 Kufour (2nd Term) 10.1000

2007-06-01 Kufour (2nd Term) 10.7000

2007-05-01 Kufour (2nd Term) 11.0000

2007-04-01 Kufour (2nd Term) 10.5000

2007-03-01 Kufour (2nd Term) 10.2000

2007-02-01 Kufour (2nd Term) 10.4000

2007-01-01 Kufour (2nd Term) 10.9000

2006-12-01 Kufour (2nd Term) 10.5000

2006-11-01 Kufour (2nd Term) 10.3000

2006-10-01 Kufour (2nd Term) 10.5000

2006-09-01 Kufour (2nd Term) 10.8000

2006-08-01 Kufour (2nd Term) 11.2000

2006-07-01 Kufour (2nd Term) 11.4000

2006-06-01 Kufour (2nd Term) 10.5000

2006-05-01 Kufour (2nd Term) 10.2000

2006-04-01 Kufour (2nd Term) 9.5000

2006-03-01 Kufour (2nd Term) 9.9000

2006-02-01 Kufour (2nd Term) 12.1000

2006-01-01 Kufour (2nd Term) 14.6000

2005-12-01 Kufour (2nd Term) 14.8000

2005-11-01 Kufour (2nd Term) 15.3000

2005-10-01 Kufour (2nd Term) 15.4000

2005-09-01 Kufour (2nd Term) 15.0000

2005-08-01 Kufour (2nd Term) 14.7000

2005-07-01 Kufour (2nd Term) 14.9000

2005-06-01 Kufour (2nd Term) 15.7000

2005-05-01 Kufour (2nd Term) 16.3000

2005-04-01 Kufour (2nd Term) 16.6000

2005-03-01 Kufour (2nd Term) 16.7000

2005-02-01 Kufour (2nd Term) 14.0000

2005-01-01 Kufour (2nd Term) 11.6000

2004-12-01 Kufour (1st Term) 11.8000

2004-11-01 Kufour (1st Term) 12.3000

2004-10-01 Kufour (1st Term) 12.4000

2004-09-01 Kufour (1st Term) 12.6000

2004-08-01 Kufour (1st Term) 12.9000

2004-07-01 Kufour (1st Term) 12.4000

2004-06-01 Kufour (1st Term) 11.9000

2004-05-01 Kufour (1st Term) 11.2000

2004-04-01 Kufour (1st Term) 11.2000

2004-03-01 Kufour (1st Term) 10.5000

2004-02-01 Kufour (1st Term) 11.3000

2004-01-01 Kufour (1st Term) 22.4000

2003-12-01 Kufour (1st Term) 23.6000

2003-11-01 Kufour (1st Term) 23.8000

2003-10-01 Kufour (1st Term) 24.6000

2003-09-01 Kufour (1st Term) 26.8000

2003-08-01 Kufour (1st Term) 27.7000

2003-07-01 Kufour (1st Term) 29.0000

2003-06-01 Kufour (1st Term) 29.6000

2003-05-01 Kufour (1st Term) 29.8000

2003-04-01 Kufour (1st Term) 30.0000

2003-03-01 Kufour (1st Term) 29.9000

2003-02-01 Kufour (1st Term) 29.4000

2003-01-01 Kufour (1st Term) 16.3000

2002-12-01 Kufour (1st Term) 15.2000

2002-11-01 Kufour (1st Term) 14.0000

2002-10-01 Kufour (1st Term) 13.2000

2002-09-01 Kufour (1st Term) 12.9000

2002-08-01 Kufour (1st Term) 13.1000

2002-07-01 Kufour (1st Term) 13.5000

2002-06-01 Kufour (1st Term) 13.7000

2002-05-01 Kufour (1st Term) 14.3000

2002-04-01 Kufour (1st Term) 14.9000

2002-03-01 Kufour (1st Term) 16.0000

2002-02-01 Kufour (1st Term) 18.3000

2002-01-01 Kufour (1st Term) 20.1000

2001-12-01 Kufour (1st Term) 21.3000

2001-11-01 Kufour (1st Term) 23.7000

2001-10-01 Kufour (1st Term) 25.6000

2001-09-01 Kufour (1st Term) 28.3000

2001-08-01 Kufour (1st Term) 32.0000

2001-07-01 Kufour (1st Term) 34.9000

2001-06-01 Kufour (1st Term) 36.8000

2001-05-01 Kufour (1st Term) 37.9000

2001-04-01 Kufour (1st Term) 39.5000

2001-03-01 Kufour (1st Term) 41.9000

2001-02-01 Kufour (1st Term) 40.1000

2001-01-01 Kufour (1st Term) 40.9000

2000-12-01 Rawlings (2nd Term) 40.5000

2000-11-01 Rawlings (2nd Term) 39.5000

2000-10-01 Rawlings (2nd Term) 37.4000

2000-09-01 Rawlings (2nd Term) 32.3000

2000-08-01 Rawlings (2nd Term) 26.6000

2000-07-01 Rawlings (2nd Term) 22.1000

2000-06-01 Rawlings (2nd Term) 19.8000