Ghana inflation edges up to 5.5% in October

Ghana's inflation rate climbed to 5.5% in October 2026, marking a third consecutive increase, according to the Ghana Statistical Service (GSS). The rise came primarily from transport and services costs, despite being 2.5 percentage points lower than the 8% rate recorded in October 2025. The Consumer Price Index (CPI) and Inflation report analyzed 307 items across 8,337 outlets in 57 markets and 13 divisions.

A basket that cost GH¢100 in October 2025 now costs GH¢105.50, reflecting a 5.5% inflation rate. Despite the year-over-year rise, prices decreased by 0.1% month-over-month compared to the previous month's 1.1% increase. Dr. Alhassan Iddrisu, the Government Statistician, reported that inflation slowed from 8% to 5.5% in a year, but has risen for three consecutive months since July when it was 4.6%.

The monthly decline was largely due to a 2% decrease in food prices, which fell 1.5% in September. Non-food inflation climbed to 7.9% from 6.2% in September, accounting for 75.7% of total inflation. Food inflation eased to 2.8% year-on-year, influenced by significant drops in staples such as guinea corn/sorghum (28%), maize (27.2%), and local rice (14.3%).

Goods inflation declined to 3.8% from 4.2% in September, while services emerged as the fastest-rising category, with inflation surging to 11.5% from 8.3% in September. Transport led the divisional inflation rates at 14.1%, up by 8.4 percentage points in one month following an 8% increase in transport prices in October. Housing, water, and energy inflation remained high at 10.5%, contributing nearly as much as food's 24.3% share.

At the item level, contrasts were evident, with fresh tomatoes rising 119.3%, ginger 88.2%, and shrimps 88.8% year-on-year. Locally produced items rose by 6.9% and accounted for 86.4% of inflation, while imported items increased by 2.4%, unchanged from September. Regional inflation ranged from -0.5% in the Northern Region, where prices fell over the year, to 9.7% in Ashanti.

Dr. Iddrisu emphasized that Ghana's inflation story is now "one national rate, many local experiences," urging stakeholders to use the official 5.5% figure for wage talks, contracts, and planning, and to compare prices before purchasing goods, use the official inflation rate for contracts and price reviews, and target support where prices rise fastest based on regional and item data.