Ghana inflation rises for second straight month to 5.2%

In September 2026, Ghana's inflation rate climbed to 5.2%, marking a slight increase from 5.0% in the previous month. This marks a deviation from the declining trend observed in earlier months, according to the Ghana Statistical Service (GSS). Despite this uptick, inflation remains notably lower than the 9.4% recorded in September 2025. The month-over-month inflation rate was calculated at 1.1%, suggesting a 1% rise in prices between August and September.

The surge in inflation was primarily attributed to non-food items, which saw a 6.2% increase, compared to the 4.0% food inflation rate. Non-food items constitute 63.3% of the total inflation, while food makes up 36.7%.

The services sector continues to be a significant driver of inflation, with an 8.3% rate, nearly double the goods sector's 4.2%. In the services sector, housing, water, and energy experienced inflation rates of 10.3%, while the restaurant and hotel industries reached a 9.2% inflation rate.

The analysis also indicates that inflation is increasingly being influenced by domestic factors. Locally produced items exhibited an inflation rate of 6.4%, compared to just 2.4% for imported goods. Locally produced items accounted for 85.7% of the total inflation.

Region-wise, the Ashanti region experienced the highest inflation rate at 9.8%, followed by Eastern at 7.8%. Greater Accra saw a rate of 3.4%, while Western recorded the lowest rate at -0.5%.

Certain food items saw substantial price hikes, with fresh tomatoes increasing by 153.4% year-on-year and ginger by 100.4%. Conversely, lime prices decreased by 29.9%, and maize by 26.4%. Despite a year-on-year decline of 4.2 percentage points, inflation remains a concern, primarily due to domestic price pressures, especially in the services sector.