Price Level of Household Consumption for Ghana
PLCCPPGHA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.35
Year-over-Year Change
-16.00%
Date Range
1/1/1955 - 1/1/2019
Summary
The Price Level of Household Consumption for Ghana measures the level of consumer prices for household goods and services in the Ghanaian economy. This metric is crucial for understanding inflation and the purchasing power of Ghanaian consumers.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Price Level of Household Consumption for Ghana is an index that tracks the average change in prices paid by Ghanaian households for a basket of consumer goods and services. It serves as a key indicator of the cost of living and overall price stability in the country.
Methodology
The data is collected through surveys of Ghanaian households and businesses by the Ghana Statistical Service.
Historical Context
Policymakers use this metric to guide monetary and fiscal policies aimed at maintaining price stability and supporting household consumption.
Key Facts
- The base year for the index is 2015.
- Ghana's household consumption price index has risen by over 50% since 2015.
- Monitoring this metric is crucial for assessing the cost of living in Ghana.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Household Consumption for Ghana measures the average change in prices paid by Ghanaian households for a basket of consumer goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding inflation and the purchasing power of Ghanaian consumers, which is essential for policymakers, businesses, and households.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Ghanaian households and businesses by the Ghana Statistical Service.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to guide monetary and fiscal policies aimed at maintaining price stability and supporting household consumption in Ghana.
Q: Are there update delays or limitations?
A: The data is published regularly by the Ghana Statistical Service, but there may be some delays in availability.
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Citation
U.S. Federal Reserve, Price Level of Household Consumption for Ghana (PLCCPPGHA670NRUG), retrieved from FRED.