Ghana: Inflation stays within the Central Bank’s target range in May
Consumer prices rose 1.0% over the previous month in May, edging up marginally from April’s 0.9% (previously reported: +1.1% month-on-month) increase. The uptick was mostly driven by higher prices for food products, and for clothing and footwear.
Inflation ticked up to 9.8%, the second-lowest print in five years, in May from 9.6% (previously reported: 9.5%) in April. As a result, inflation stayed within the Central Bank’s medium-term inflation target of 8.0% plus or minus 2.0 percentage points. Meanwhile, annual average inflation edged down from 11.4% in April to a four-year low of 11.2% in May.