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Fitch Solutions Projects Inflation to Ease to 20.8% by End of 2024

12 months ago
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Fitch Solutions Projects Inflation to Ease to 20.8% by End of 2024

Inflation in Ghana is expected to continue its downward trend in the short term, with a forecasted year-end rate of 20.8% in 2024, according to Fitch Solutions’ Ghana Inflation 2024 Consumer Outlook.

The UK-based research firm projects that inflation will average 22.1% for the year, marking a significant decline from its December 2022 peak of 54.1%.

Despite this progress, inflationary pressures remain elevated compared to pre-pandemic levels, when inflation averaged 12.4% between 2015 and 2019.

Fitch Solutions expects inflation to continue easing into 2025, forecasting an average of 16.2% year-on-year.

The decline in food inflation is particularly beneficial for consumer spending, as food and non-alcoholic drinks represent more than 42% of household expenditures in Ghana.

This reduction may allow for increased spending on other goods and services. However, rising inflation in key segments such as housing, utilities, and transport poses risks.

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Transport inflation surged from 5.6% in January 2024 to 18.1% by July 2024, while housing and utilities costs rose from 22.6% to 28.6% over the same period, potentially dampening consumer spending in these areas.

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