Ghana’s inflation rate climbed to 5.2% in September 2026. This figure marks a slight increase from 5.0% recorded in August. The rise reverses a period of declining inflation seen in previous months.
The Ghana Statistical Service (GSS) reported these latest figures. High prices in the services sector largely drove this marginal increase. Non-food items also contributed significantly to the overall inflation rate. This development highlights persistent domestic price pressures within the economy.
This latest inflation figure, while higher than August, remains well below last year's rate. In September 2025, Ghana's inflation stood at 9.4%. The current 5.2% rate shows a substantial 4.2 percentage point drop over the past year. However, the recent uptick suggests that price stability is not yet fully secured. This trend could influence future monetary policy decisions by the Bank of Ghana.
The GSS data indicates that non-food inflation reached 6.2%. This compares to food inflation of 4.0%. Non-food items accounted for 63.3% of total inflation. Food items contributed the remaining 36.7%. This shows that non-food prices are exerting greater upward pressure on the cost of living.
A major driver of this inflation is the services sector. Services inflation stood at 8.3% in September 2026. This rate is almost double the 4.2% recorded for goods. Specific areas like housing, water, and energy saw inflation of 10.3%. Restaurants and hotels experienced a 9.2% increase. These figures underscore the rising cost of essential services for Ghanaian households and businesses.
The GSS also noted that domestic factors are increasingly influencing inflation. Locally produced items recorded an inflation rate of 6.4%. This is significantly higher than the 2.4% for imported items. Locally produced goods accounted for 85.7% of total inflation. This suggests that internal supply chain issues or production costs are major contributors to price hikes.
Regionally, inflation varied across Ghana. Ashanti Region recorded the highest rate at 9.8%. Eastern Region followed with 7.8%. Greater Accra Region saw a rate of 3.4%. The Western Region even experienced deflation at -0.5%. These regional disparities highlight uneven economic conditions and price pressures across the country.
Some specific food items saw dramatic price changes. Fresh tomatoes increased by 153.4% year-on-year. Ginger prices rose by 100.4% over the same period. Conversely, lime prices fell by 29.9%. Maize prices also decreased by 26.4%. These fluctuations affect household budgets differently depending on consumption patterns.
The Bank of Ghana's Monetary Policy Committee will closely monitor these trends. The central bank aims to keep inflation within its target range. Persistent service sector inflation could prompt a review of current interest rate policies. Businesses might face higher input costs, potentially impacting profitability and investment. Consumers will continue to feel the pinch from rising service and non-food prices. This could affect their purchasing power and overall economic confidence. The government will also need to consider these figures in its fiscal planning. Maintaining price stability remains a key economic objective for Ghana.