October 2026 inflation rises to 5.5% indicating third consecutive increase

In October 2026, Ghana experienced a year-on-year inflation rate of 5.5%, marking the third consecutive monthly rise since July. Dr. Alhassan Iddrisu, the Government Statistician, stated that non-food inflation was the primary driver of this increase, accounting for approximately 76% of the overall inflation rate. Food inflation, while present, was significantly lower at 2.8%.

The surge in inflation was primarily influenced by rising prices in the services sector, which saw an increase to 11.5% from September's 8.3%. Transport prices experienced the highest inflation of 14.1%, a significant jump from September's 5.7%. Housing, water, electricity, gas, and other fuels contributed to 10.5% inflation, making them the largest contributing factor.

Dr. Iddrisu highlighted that locally produced items had a higher inflation rate of 6.9% compared to imported items at 2.4%, which accounted for 86.4% of October's inflation. Regional disparities were also noted, with the Northern Region experiencing the lowest inflation rate at -0.5%. The Government Statistician emphasized that these figures demonstrate how inflationary pressures differ across Ghana, affecting what individuals pay depending on their location.