Ghana Inflation Rises to 3.7 Percent in May 2026

Ghana’s consumer inflation increased to 3.7 percent in May 2026. This marks the second consecutive monthly rise in price pressures. The Ghana Statistical Service (GSS) released this information.

This slight rebound in inflation was largely due to higher food costs. The year-on-year inflation rate rose from 3.4 percent in April 2026. Month-on-month inflation also increased to 1.1 percent from 1 percent in April. Households across Ghana are experiencing these increased costs.

This increase shows a minor reversal of a long-term trend. Inflation remains significantly lower than the 18.4 percent recorded in May 2025. This represents a 14.7 percentage point decline over the past year. It underscores a broader easing of price pressures despite recent increases in some sectors.

Higher food prices were the main cause of the inflation rise. Food and non-alcoholic beverages inflation went up to 3.3 percent in May from 2.2 percent in April. This category contributed 38 percent to the overall inflation rate. Month-on-month food inflation sharply rose to 2 percent, compared with 0.8 percent in April.

Non-food inflation, however, slightly eased to 4.1 percent from 4.2 percent in April. Prices within the non-food category still increased by 0.4 percent during the month. Locally produced goods saw inflation rise to 5 percent in May from 4.7 percent in April. Inflation for imported items also increased to 0.9 percent from 0.5 percent during the same period.

Services inflation climbed to 9.9 percent from 9.6 percent. This rate remains much higher than goods inflation, which rose to 1.4 percent from 1.1 percent. Food and non-alcoholic beverages are the largest contributors to overall inflation at 38.5 percent. Housing, water, electricity, gas, and other fuels contributed 32.6 percent. Education services accounted for 13.8 percent of the headline rate.

Charcoal was the single largest contributor to inflation, accounting for 13.1 percent. Rent payments followed at 11.8 percent, and fresh tomatoes at 11.4 percent. Other important contributors included secondary school fees, plantain, river-fish, and ginger. Fresh tomatoes recorded a significant price increase, rising 35.8 percent year-on-year and 38.8 percent month-on-month. Ginger inflation reached 78 percent, and charcoal prices increased by 50.1 percent.

Regional differences in inflation remain significant. The North East Region recorded the highest inflation rate at 10.1 percent. The Savannah Region registered the lowest rate at negative 3 percent. Eight of Ghana’s 16 regions had inflation rates above the national average. The Ashanti Region contributed the largest share of national inflation at 34.9 percent. Greater Accra followed at 31.0 percent, and the Eastern Region at 14.8 percent.

The Ghana Statistical Service indicated that local supply conditions, transport costs, and market access contribute to these regional differences. The GSS suggests that maintaining fiscal discipline and investing in food systems can help. This includes storage, irrigation, and transport infrastructure. These investments could sustain price stability and address regional disparities.