Ghana’s inflation rate is expected to ease significantly in July 2026, with annual consumer price growth projected to slow between 4.6 and 5.0 percent from 5.3 percent in June, according to Databank Research.
The research firm attributed the expected moderation to improving food supply conditions ahead of the August harvest season, lower petroleum prices and favourable base effects from July 2025, when consumer prices increased at a faster pace.
If realised, the forecast would mark the first decline in inflation after three consecutive monthly increases this year, offering some relief to households and businesses facing rising living costs.
Inflation accelerated from 3.7 percent in May to 5.3 percent in June, driven by higher fuel and utility costs, shortages of selected food items and increased prices of staples such as tomatoes and fresh fish.
Databank said services inflation was a major contributor to the June increase, with non-food inflation rising sharply from 4.1 percent to 6.3 percent year-on-year.
Despite the expected easing, the research firm cautioned that the projected decline reflects temporary, month-specific factors rather than a sustained downward trend.
It noted that inflation remains vulnerable to changes in food supply conditions and energy prices, indicating that future price movements will depend largely on developments in those sectors.
A lower inflation outturn in July could strengthen consumer purchasing power, reduce cost pressures on businesses and reinforce expectations of a stable price environment as the country approaches the main harvest season.
