Ghana’s headline inflation eased to 4.6 percent in July 2026, down 0.7 percentage points from 5.3 percent in June, placing it comfortably within the Bank of Ghana’s medium-term target band of 8 percent, plus or minus 2 percentage points.
Presenting the Ghana Statistical Service’s latest Consumer Price Index (CPI) bulletin, Government Statistician Dr. Alhassan Iddrisu stated that the latest figures indicate “prices are still rising but more slowly.”
Month-on-month inflation slowed to 0.1 percent, while the Consumer Price Index rose to 271.1. On an annual basis, inflation was 7.5 percentage points lower than the 12.1 percent recorded in July 2025.
All major inflation measures also decelerated compared with June, indicating that the moderation was broad-based rather than driven by a single category. “Notice that every single one of those three subcategories I have mentioned, and I’ve talked about six measures, all fell compared to June. That is a broad-based easing, not one fortunate category driving the average down,” Iddrisu said.
Rent payments were the single biggest driver of the July inflation figure, followed closely by fresh tomatoes and ginger, whose price more than doubled over the year. Cooked rice, river fish, and charcoal were also among the leading contributors.
Despite the improvement, the Government Statistician cautioned against concluding that inflation had been fully subdued, pointing to the increase recorded between March and June, when headline inflation rose from a year-low of 3.2 percent to 5.3 percent.
“That bump is why we should not declare victory on one good month,” he said, urging households and businesses to base their decisions on official statistics rather than speculation.
The July figures strengthen expectations that inflationary pressures remain contained, although the Ghana Statistical Service said continued monitoring will be necessary to determine whether the latest decline marks the beginning of a sustained trend.
