September 2026 inflation to remain stable with a slight upside risk – IC Insights
However, it warned that the renewed upward pressure on energy prices due to the escalation of the Middle East war will sustain the emerging pressure in non-food inflation to potentially offset food price disinflation.
IC Insights anticipates stable inflation with a slight upside risk for September 2026, as outlined in their latest report titled "Ghana August 2026 Inflation: A rebound without the heat". The report projects annual headline inflation at 5.1% ±0.5 percentage points, with a month-on-month rate of 1.0%. Food inflation experienced a modest decline to 3.0% year-on-year, while non-food inflation accelerated by 70 basis points to 6.8% year-on-year.
This accelerated non-food inflation is primarily attributed to unfavorable base effects. The report highlights that while food prices are expected to normalize with a potential downward pressure, rising energy prices due to the escalation of the Middle East war will sustain upward pressure on non-food inflation, potentially offsetting the disinflationary effects on food prices.
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