Ghana’s inflation rate rose to 5.2% in September 2026, from 5.0% in August, marking the second consecutive monthly increase after inflation fell sharply to 4.6% in July.
The latest figure from the Ghana Statistical Service (GSS) shows that inflation has moved from 5.3% in June to 4.6% in July, 5.0% in August and 5.2% in September.
The trend suggests that while inflation remains significantly lower than it was a year ago, the pace of disinflation has stalled in recent months.
September’s annual inflation rate was 4.2 percentage points lower than the 9.4% recorded in September 2025.
The increase in September was also reflected in the monthly movement of prices. Month-on-month inflation rose to 1.1%, compared with -1.0% in August, indicating that prices increased during September after falling in the previous month.
Food prices were a major driver of the monthly increase. Food inflation rose to 4.0% in September from 3.0% in August, while monthly food inflation increased to 1.5% from -2.6%.
Non-food inflation, however, moved in the opposite direction, falling to 6.2% from 6.8% in August.
The latest figures also show that domestic price pressures remain more significant than imported pressures.
Inflation for locally produced items rose to 6.4%, compared with 2.4% for imported items. Locally produced items accounted for 85.7% of total inflation, according to the GSS.
Services also continued to record higher inflation than goods, with services inflation at 8.3%, compared with 4.2% for goods.
The GSS has identified services as an important challenge to further reductions in inflation, even as the overall rate remains below the Bank of Ghana’s medium-term target band of 8% ±2 percentage points.
