Ghana’s inflation rate recorded a marginal increase in April 2026, rising to 3.4 percent from 3.2 percent in March, according to the Ghana Statistical Service.
The uptick marks the first increase in inflation since December 2024, effectively ending a sustained 15-month period of disinflation. Despite the rise, inflation remains significantly lower than the 21.2 percent recorded in April 2025, reflecting a broader trend of easing price pressures over the past year.
Data from the statistical agency shows that the Consumer Price Index (CPI) rose to 267.3 in April 2026, up from 258.6 in the same period last year. On a month-on-month basis, prices increased by 1.0 percent between March and April 2026, indicating a gradual pickup in cost pressures.
A closer look at the components of inflation reveals diverging trends between goods and services. Inflation for goods slowed to 1.1 percent in April from 1.7 percent in March, suggesting some stability in prices of commonly consumed items.
However, services inflation rose sharply to 9.6 percent from 7.2 percent over the same period, emerging as a key driver of the overall increase.
Food inflation, which carries the largest weight in the CPI basket, declined slightly to 2.2 percent in April from 2.3 percent in March. While this points to some relief for households, food prices still increased by 0.8 percent month-on-month.
In contrast, non-food inflation climbed to 4.2 percent from 3.9 percent, driven largely by increases in housing, utilities, education, and restaurant services. Housing, water, electricity, gas and other fuels remained the single largest contributor to inflation.
The data also highlights a shift in external price dynamics. Inflation for imported goods rose to 0.5 percent in April, reversing a deflation of -0.6 percent recorded in March. Meanwhile, inflation for locally produced items eased slightly to 4.7 percent from 4.9 percent.
Regional disparities in inflation remain pronounced. The North East Region recorded the highest year-on-year inflation rate at 9.5 percent, while the Savannah Region posted the lowest at -3.5 percent.
Greater Accra and Ashanti regions continued to dominate contributions to overall inflation due to their larger economic weight.
At the item level, products such as charcoal, rent, and river fish were among the top contributors to inflation, while prices of some food items including maize, beans, and vegetables recorded declines, helping to moderate overall price growth.
The Ghana Statistical Service noted that the steady decline in inflation from over 21 percent a year ago to current levels signals a firm path toward macroeconomic stability.
However, the recent uptick suggests that underlying pressures, particularly from services and non-food sectors, may require close monitoring.
For businesses, the data underscores the need to improve efficiency, strengthen supply chains, and manage costs.
Households are advised to prioritise essential spending and build savings where possible, while policymakers are encouraged to maintain fiscal discipline and invest in food systems and infrastructure to sustain the downward trend in inflation.
