Ghana’s inflation rate rose marginally to 3.7 percent in May 2026 from 3.4 percent recorded in April, marking the second consecutive month of increases, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).
Despite the slight uptick, Government Statistician, Samuel Kobina Annim, said the country’s inflation outlook remains significantly improved compared to the same period last year when inflation stood at 18.4 percent.
Addressing the media during the release of the May 2026 inflation figures, Prof. Annim explained that while prices of goods and services continued to rise, the pace of increase remained relatively subdued.
“Inflation in Ghana increased to 3.7 percent in May 2026, up from 3.4 percent in April 2026. While prices continue to rise, the increase remains far lower than the 18.4 percent recorded in May last year,” he stated.
According to the GSS, the overall price level increased by 1.1 percent between April and May 2026, reflecting month-on-month inflation, while year-on-year inflation showed that goods and services were, on average, 3.7 percent more expensive than they were in May 2025.
Food inflation recorded a notable increase, rising from 2.2 percent in April to 3.3 percent in May. Food prices increased by 2 percent within the month under review, making food a key driver of the overall inflation rise.
In contrast, non-food inflation eased slightly from 4.2 percent in April to 4.1 percent in May, indicating relative stability in prices outside the food category.
The report also highlighted a widening gap between inflation for locally produced and imported goods. Inflation for locally produced items increased to 5 percent in May from 4.7 percent in April, while imported goods recorded inflation of just 0.9 percent.
The Government Statistician noted that the figures suggest domestic factors continue to exert greater pressure on prices than external or imported cost factors.
Services remained the most inflationary sector of the economy, recording an inflation rate of 9.9 percent, compared to 1.4 percent for goods.
Regional inflation trends also remained uneven across the country. The Northeast Region recorded the highest inflation rate at 10.1 percent, while the Savannah Region posted negative inflation of 3.0 percent, indicating that prices generally declined compared to the same period last year.
According to the GSS, charcoal, rent, fresh tomatoes, secondary school fees and green plantain were the largest contributors to inflation, jointly accounting for 54.9 percent of the overall increase in prices.
Among individual commodities, ginger recorded the highest annual price increase at 78 percent, followed by mango at 61.9 percent and charcoal at 50.1 percent.
Conversely, some food items experienced significant price declines. Cocoyam leaves recorded the steepest drop at 43.7 percent, followed by fried fish at 43.6 percent, garden eggs at 41.3 percent and pawpaw at 40.4 percent.
The Statistical Service noted that food prices, housing and utility costs, education expenses, as well as restaurants and accommodation services, continued to be the major components shaping inflation trends across the country.
Providing policy recommendations, Prof. Annim urged government to maintain fiscal discipline while increasing investments in food storage facilities, irrigation systems, transportation infrastructure and regional market access to help contain price pressures.
He also advised businesses to improve operational efficiency and reduce avoidable costs, while encouraging households to prioritise prudent spending, focus on essential needs and maintain small savings where possible.
The latest inflation data comes as policymakers and businesses closely monitor price developments to sustain macroeconomic stability and protect consumer purchasing power amid ongoing economic recovery efforts.
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