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' latest report, titled "Ghana August 2026 Inflation: A rebound without the heat," predicts that inflation will remain stable with a slight upside risk for the September 2026 print. The firm's analysis reveals that food inflation experienced a modest decline in August 2026, dropping to 3.0% year-on-year, while non-food inflation accelerated by 70 basis points to 6.8% year-on-year.
The sharp increase in the price of fresh tomatoes to 158.3% year-on-year in August 2026 is cited as a one-off shock that will gradually subside in the coming months. This will help normalize food inflation pressure, potentially leading to a cooling effect on food price inflation. However, the report warns that renewed upward pressure on energy prices due to the Middle East war will sustain non-food inflation, which could partially offset the disinflationary impact of falling food prices.
Annual headline inflation is forecast to hover around 5.1% ±0.5 percentage points for September 2026, with a month-on-month increase to 1.0%. While only three out of the 15 sub-groups experienced higher inflation, vegetables & tubers saw a significant surge of 710 basis points to 12.4%, followed by ready-made food inflation at 15.5%. Non-food inflation, driven by unfavorable base effects, accounted for 70.9% of the rise in headline inflation.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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