Price Level of Imports for Ghana
PLMCPPGHA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.58
Year-over-Year Change
13.38%
Date Range
1/1/1955 - 1/1/2019
Summary
The Price Level of Imports for Ghana measures changes in the prices of goods and services imported into Ghana. This metric is important for policymakers and economists to assess Ghana's international trade competitiveness and inflation pressures.
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 Imports for Ghana tracks the average change in prices of a basket of imported goods and services over time, providing insights into Ghana's international trade dynamics. This data is used to analyze the impact of exchange rates, trade policies, and global supply chain factors on Ghana's import costs.
Methodology
The data is collected through surveys of Ghanaian importers and customs records.
Historical Context
Policymakers and analysts use this trend to evaluate Ghana's trade balance, the effects of currency movements, and the inflationary impact of imported goods.
Key Facts
- Ghana is a major importer of machinery, vehicles, and refined petroleum products.
- Import prices can affect domestic inflation and consumer purchasing power in Ghana.
- The Price Level of Imports for Ghana is a key economic indicator tracked by the Bank of Ghana.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Imports for Ghana measures the average change in prices of goods and services imported into the country over time.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing Ghana's international trade competitiveness, inflation pressures, and the impact of exchange rate movements and trade policies.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Ghanaian importers and customs records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate Ghana's trade balance, the effects of currency movements, and the inflationary impact of imported goods.
Q: Are there update delays or limitations?
A: The data is published regularly, but there may be some delays in reporting due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Price Level of Imports for Ghana (PLMCPPGHA670NRUG), retrieved from FRED.