Ghana's Inflation Rises to 3.7% in May 2026

Ghana’s inflation rate increased marginally to 3.7% in May 2026, rising from 3.4% in April. This marks the second consecutive month of inflation increases, as reported by the Ghana Statistical Service (GSS).

This slight uptick was predominantly driven by a notable rise in food inflation, which climbed from 2.2% in April to 3.3% in May. Food prices increased by 2% month-on-month, highlighting their significant impact on the overall price level. Non-food inflation, however, saw a slight ease from 4.2% in April to 4.1% in May, showing relative stability in other sectors.

The current inflation figure of 3.7% is a marked improvement from the 18.4% recorded in May 2025, indicating progress in Ghana's efforts to achieve price stability. This trend aligns with the Bank of Ghana's monetary policy goals, which aim to bring inflation within its target range. The country had faced high inflation rates for an extended period, making the current subdued level a positive sign for economic recovery efforts.

Professor Samuel Kobina Annim, the Government Statistician, addressed the media during the release of the May 2026 figures. He stated, “Inflation in Ghana increased to 3.7 percent in May 2026, up from 3.4 percent in April 2026. While prices continue to rise, the increase remains far lower than the 18.4 percent recorded in May last year.” He also noted that domestically produced items saw higher inflation at 5% compared to 0.9% for imported goods, suggesting internal factors are exerting more pressure on prices.

Looking ahead, policymakers will closely monitor inflation trends, especially concerning food prices and domestic production costs. The government will need to maintain fiscal discipline and invest in key areas like food storage, irrigation, and transportation infrastructure to mitigate future price pressures. Businesses are also encouraged to enhance operational efficiency to help curb costs, impacting consumer prices. Households should prioritize prudent spending and aim for small savings to manage rising living costs.

Services remain the most inflationary sector, recording a rate of 9.9% against 1.4% for goods. Regional disparities persist, with the Northeast Region experiencing the highest inflation at 10.1%, while the Savannah Region recorded negative inflation of 3.0%. Charcoal, rent, fresh tomatoes, secondary school fees, and green plantain significantly contributed to the overall price increase, accounting for 54.9% of the rise. Ginger, mango, and charcoal showed the highest annual price increases at 78%, 61.9%, and 50.1% respectively. Conversely, items like cocoyam leaves, fried fish, garden eggs, and pawpaw experienced significant price declines. The GSS emphasized that food, housing, utility costs, education, and accommodation services will continue to shape inflation trends.