Ghana's year-on-year inflation rose to 5.5% in October 2026, its third consecutive monthly increase and the highest rate in 11 months. The Ghana Statistical Service (GSS) reported this increase, which compares to 5.2% in September and 9.4% in September 2025.
The upward trend highlights the risks to sustaining price stability.
The GSS data show that rent payments, bus and trotro fares, and fresh tomatoes were the three largest contributors to inflation in October, accounting for 13.5%, 12%, and 11.7% of total inflation contributions, respectively. Combined, they represented 37.2% of the total, underscoring the influence of housing, transportation, and food costs on household expenditure.
Four risks to the inflation outlook have been identified: utility costs, petroleum prices, exchange-rate pressures, and global supply-chain disruptions. The Public Utilities Regulatory Commission (PURC) has maintained electricity and water tariffs at third-quarter levels for the fourth quarter of 2026, providing some relief to households and businesses.
However, the cost factors underlying future tariff reviews remain important, including the exchange rate, domestic inflation, and fuel costs.
The cedi has depreciated by more than 11% against the dollar so far in 2026, according to the figures provided, contributing to pressure on imported goods and production inputs. Further depreciation could increase the domestic cost of fuel, machinery, food products, and other imported inputs. Businesses that depend on these imports may pass some of the additional costs on to consumers.
Despite these risks, fiscal consolidation, improved food supply conditions, and relative exchange-rate stability could help contain inflationary pressures. The Bank of Ghana will likely monitor these factors closely to ensure price stability and maintain economic growth.