Inflation rises to 3.7% in May

Ghana’s inflation rate increased for the second straight month in May 2026, driven largely by rising food prices that continued to put pressure on household spending and the overall cost of living.

According to figures released by the Ghana Statistical Service, headline inflation rose to 3.7% in May, up from 3.4% in April, representing an increase of 0.3 percentage points.

The latest data suggests a gradual rebound in price growth following several months of declining inflation, although the rate remains substantially lower than the 18.4% recorded in May 2025.

On a month-on-month basis, inflation increased by 1.1% in May, compared with 1.0% in April, indicating a continued rise in prices across different sectors of the economy.

Food prices were the main contributor to the increase. Inflation in the Food and Non-Alcoholic Beverages category climbed to 3.3% on an annual basis, up from 2.2% in April. Monthly food inflation also accelerated to 2.0%, compared with 0.8% in the previous month.

In contrast, non-food inflation eased marginally, declining to 4.1% from 4.2%, suggesting that price pressures outside the food sector remained relatively stable.

The report further showed that locally produced goods continued to account for the bulk of inflationary pressures. Inflation for local products rose to 5.0% from 4.7% in April and contributed more than 92% of overall inflation. Imported goods, meanwhile, recorded a significantly lower inflation rate of 0.9%.

Among the major divisions of the economy, services registered the highest inflation rate at 9.9%, while goods recorded a comparatively modest rate of 1.4%.

Regionally, the North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region experienced deflation of 3.0%.

Despite the recent upward trend, inflation remains far below the levels seen a year ago, reflecting continued improvements in macroeconomic stability. Nevertheless, the persistent rise in food prices is expected to remain a major concern for both policymakers and consumers in the months ahead.

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