Ghana’s inflation rate rose to 3.7% in May 2026 from 3.4% in April, marking a second consecutive monthly uptick even as broader price pressures remain sharply lower than a year ago, the national statistics office said.
Government Statistician Dr. Alhassan Iddrisu said the latest reading reflects a “measured and verifiable” picture of price dynamics, stressing that inflation captures the average movement of prices across a fixed basket of goods and services rather than uniform increases across all items, cautioning against common misinterpretations, noting that a lower inflation rate does not mean prices are falling but that they are rising more slowly.
Year-on-year inflation compares May 2026 with May 2025, while month-on-month figures track changes between April and May 2026.
The latest data show the consumer price index rose to 270.2 in May from 260.5 a year earlier. Inflation has now declined significantly from 18.4% in May 2025, a sharp disinflation trend over the past 12 months. However, prices still rose 1.1% between April and May 2026, signaling renewed short-term momentum.
Dr. Iddrisu described the overall trajectory as “firmly downward” but acknowledged the recent monthly increase as a reminder that inflation pressures have not fully dissipated.
Food prices drive monthly increase
Food inflation remains the most immediate source of pressure, rising to 3.3% year-on-year in May from 2.2% in April. On a monthly basis, food prices increased by 2%.
Non-food inflation eased slightly to 4.1% from 4.2%, with a slower 0.4% month-on-month increase, suggesting more stability outside the food segment.
Food and non-alcoholic beverages account for about 43% of the inflation basket, making movements in this category particularly influential for household budgets.
Services outpace goods
Services inflation remained elevated at 9.9%, compared with 9.6% in April, while goods inflation rose modestly to 1.4% from 1.1%.
Although goods dominate the consumption basket, services including housing, education, transport, and hospitality are rising at a faster rate, accounting for a growing share of underlying inflation pressure.
Local prices dominate inflation
A key feature of the May data is the dominance of domestically produced goods in shaping inflation outcomes.
Inflation on locally produced items stood at 5%, compared with 0.9% for imported goods. Because local items make up more than two-thirds of the basket, they account for roughly 92% of overall inflation.
Dr. Iddrisu said this indicates inflation is “overwhelmingly a homegrown story,” driven largely by food and domestic supply conditions.
Regional disparities widen
Inflation trends also varied significantly across regions. The North East Region recorded the highest rate at 10.1%, nearly three times the national average. At the other end, the Savannah Region recorded a negative inflation rate of 3.0%, indicating falling prices compared with a year earlier.
In monthly terms, inflation ranged from a 3.1% increase in the Upper East Region to a 0.5% decline in the Volta Region.
Greater Accra and Ashanti together accounted for the largest share of national inflation due to their population size and consumption weight.
Food shocks and global fuel dynamics
Fresh tomato prices rose sharply, contributing to the uptick in food inflation. Prices increased 35.8% year-on-year and surged 38.8% month-on-month, following supply disruptions linked to trade restrictions and regional instability in Burkina Faso earlier this year.
Fuel markets also influenced the broader price environment. Petrol and diesel prices, which had spiked earlier in the year following global oil market tensions, moderated in May. Transport fares remained subdued, with taxi, bus, and truck fares all lower than a year earlier, helping offset some inflationary pressure.
Dr. Iddrisu said the mix of rising food costs and stable transport prices illustrates how households can experience diverging price trends at the same time.
Key contributors
The largest contributors to inflation in May were charcoal, rent payments, fresh tomatoes, secondary school fees, and green plantain. Together, they reflect pressure across both essential household energy use and services such as housing and education.
Outlook
The data points to a mixed cost-of-living picture. Food items remain the most immediate pressure point, particularly staples affected by seasonal and supply disruptions. For businesses, the environment suggests uneven input cost pressures. Businesses in food supply chains, hospitality, and education are likely to face higher operating costs, while retailers dealing in imported goods may experience relatively stable pricing conditions. The divergence between rising services inflation and subdued goods inflation also points to margin pressure in service-based industries, where cost recovery may be slower.
Despite the monthly increase, the overall inflation trend remains significantly lower than last year’s levels. Authorities attributed the broader disinflation to macroeconomic stabilization, though they pointed to food supply conditions and regional market disruptions as near-term risks.
The statistics note the continuous need for investment in food systems, storage, irrigation, and transport infrastructure to reduce volatility. Businesses were urged to strengthen local supply chains, while households were encouraged to monitor spending patterns as price movements remain uneven across categories.
