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Table 2 Seven months of 2014 out-sample forecast of inflation rate from the mean equation of the DCC model

From: Modeling inflation rates and exchange rates in Ghana: application of multivariate GARCH models

Month/Year

Observed (%)

Forecast (%)

Error (%)

Jan-2014

13.80

13.82

0.02

Feb-2014

14.00

13.70

−0.30

Mar-2014

14.50

13.58

−0.92

Apr-2014

14.70

13.46

−1.24

May-2014

14.80

13.22

−1.58

Jun-2014

15.00

13.10

−1.90

Jul-2014

15.30

12.98

−2.32

Aug-2014

15.90

12.86

−3.04