Ghana’s insurance and financial services sector recorded a 4.7 percent month-on-month increase in January 2026, according to data from the Ghana Statistical Service.
The category, which accounts for 0.4 percent of the consumer price index (CPI), also rose 8.0 percent year-on-year, making it one of the fastest-growing components in the non-food CPI basket. Insurance and financial services include premiums for life, health, property, and other financial protection products.
By comparison, the broader non-food component of the CPI, weighted at 57.4 percent, fell 0.4 percent month-on-month, as several subcategories posted declines. Transport costs decreased 0.4 percent, clothing and footwear dropped 3.0 percent, and alcoholic beverages, tobacco and narcotics fell 3.2 percent over the month. Personal care, social protection and miscellaneous goods also declined 1.6 percent.
Other non-food items showed modest increases. Housing, water, electricity, gas and other fuels rose 0.4 percent month-on-month and 9.3 percent year-on-year. Health costs increased 0.2 percent month-on-month and 4.9 percent annually.
Education services grew 0.4 percent month-on-month and 4.1 percent year-on-year, while restaurants and accommodation services rose 0.4 percent and 5.5 percent annually. Recreation, sport and culture posted a 0.2 percent monthly gain and 10.7 percent annual increase. Information and communication rose 0.7 percent month-on-month and 2.4 percent year-on-year. Furnishings, household equipment and routine maintenance increased 0.1 percent monthly and 4.3 percent annually.
The January spike in insurance and financial services is the largest monthly increase among non-food subcategories, despite its small CPI weight. Year-on-year, the 8.0 percent increase highlights the continued rise of insurance costs relative to other non-food goods and services, particularly in housing, recreation, and utilities.
The increase in insurance and financial services premiums underscores specific areas of inflation pressure in Ghana’s non-food sector, even as overall non-food inflation showed a slight monthly decline.
