Businesses could use 5.5% inflation rate for contracts and price reviews - Government Statistician

Government Statistician Dr Alhassan Iddrisu has revealed that businesses may utilize the 5.5% inflation rate for contract negotiations and price reviews, as reported by the government on November 4, 2026. This marks a 0.3 percentage point increase from September's 5.2% inflation rate, marking three consecutive monthly rises since July. Dr Iddrisu attributed this surge to non-food inflation, which comprises approximately 76% of the overall inflation rate, while food inflation accounts for only 24%.

The primary driver of this inflation increase is the services sector, where rising prices have significantly contributed to the overall rise in prices. Dr Iddrisu explained that for every one Ghana cedi price increase in October 2026, about 76 pesewas are due to non-food items, with the remaining 24 pesewas stemming from food.

Nonetheless, food inflation has shown signs of easing, falling to 2.8% in October 2026 from 4% in the previous month and a whopping 9.5% in October 2025. On a month-to-month basis, food prices experienced a 2% decline, resulting in a modest 0.1% reduction in prices between September and October.

Conversely, services inflation has surged to 11.5% from 8.3% in September 2026, while goods inflation declined to 3.8% from 4.2%. Dr Iddrisu emphasized that the government can leverage regional and item-specific data to focus support efforts on areas experiencing the most rapid price increases.