Ghana’s disinflation trajectory is showing clearer signs of a turnaround, with headline inflation rising for the second consecutive month to 3.7% in May 2026.
Latest Consumer Price Index (CPI) data from the Ghana Statistical Service on Wednesday, June 3, 2026, shows inflation increased by 0.3 percentage points from 3.4% in April.
Monthly, price growth also edged up to 1.1%, compared with 1.0% in the previous month, signalling a gradual but persistent build-up in price pressures.
The back-to-back increases mark a notable shift after months of sustained disinflation, even though the current level remains significantly below the 18.4% recorded in May 2025.
Driving the latest uptick is renewed pressure from food prices. Inflation for Food and Non-Alcoholic Beverages climbed sharply to 3.3% in May, from 2.2% in April.
Monthly, food inflation nearly doubled to 2.0% from 0.8%, underscoring a fresh acceleration in household cost pressures.
Non-food inflation, however, eased slightly to 4.1% from 4.2%, indicating that the broader inflation environment remains relatively contained, with food emerging as the key driver of the latest movement.
Locally produced items continued to account for the bulk of inflationary pressure, recording an annual rate of 5.0%, up from 4.7% in April, and contributing more than 92% of the overall inflation outcome. Imported inflation also edged up but remained subdued at 0.9%.
By classification, services recorded the highest inflation rate at 9.9%, compared with 1.4% for goods, reflecting persistent price pressures in service-related costs.
Regionally, the North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region registered deflation at -3.0%.
Despite the recent uptick, the Ghana Statistical Service notes that inflation has fallen sharply from 18.4% in May 2025 to 3.7% in May 2026, underscoring a broad improvement in macroeconomic stability — even as emerging food price pressures now warrant closer attention.
