Ghana’s year-on-year inflation rate rose to 3.7% in May 2026, up from 3.4 per cent in April, marking the second consecutive monthly increase since December 2024, the Ghana Statistical Service (GSS) announced on Wednesday.
The Consumer Price Index (CPI), which measures the changes in the price of a fixed basket of goods and services purchased by households for May 2026, was 270.2 up from 260.5 in May 2025, translating into a year-on-year inflation of 3.7 per cent for May 2026.
The month-on-month inflation rate for May 2026 was 1.1 per cent, compared to the 1.0 per cent monthly increase in April, indicating an increase in the general price level by 1.1 per cent between April and May 2026.
Dr Alhassan Iddrisu, the Government Statistician, presenting the CPI data, noted that despite the marginal uptick, the May 2026 figure remained 14.7 percentage points below the 18.4% recorded in May 2025.
“In the space of 12 months, the rate of price increases has fallen by a remarkable 14.7 percentage points. That is one of the most encouraging stories in these numbers we are releasing today,” he said.
That, Dr Alhassan said, underscored the significant sustained shift in prices, signalling a firm path to macroeconomic stability achieved over the past year, while the recent upticks warrant continued monitoring.
Food and non-alcoholic beverages inflation rose to 3.3% in May 2026 from 2.2% in April, with food prices increasing by 2% month-on-month, the sharpest monthly food price jump in recent months and a key driver of the overall increase.
Non-food inflation on the other hand eased slightly to 4.1% in May from 4.2% in April on year-on-year, but recorded an increase of 0.4% monthly, indicating price pressures in the non-food segment.
Services inflation rose to 9.9% in May from 9.6% in April, contributing 72.5% of overall inflation despite accounting for only 27.5% of the CPI basket, highlighting the persistent and disproportionate weight of service sector costs in driving consumer prices.
Inflation for locally produced items rose to 5% from 4.7% in April, contributing 92.2% of overall inflation, while imported items inflation remained subdued at 0.9%.
Dr Iddrisu explained that the situation suggested that domestic supply and production dynamics were the dominant price pressures rather than import costs.
Among the top contributors to inflation, charcoal led with a 50.1% year-on-year price increase, contributing 13.1 percentage points to overall inflation, followed by payment for rents at 16.8%.
Fresh tomatoes contributed 35.8%, secondary school fees at 12.3% per cent, and green plantain at 47.6%- pointing to domestic food supply constraints and cost-of-living pressures in housing and education.
Cocoyam leaves recorded the steepest price decline at negative 43.7%, with maize, garden eggs, okro, and fried fish also recording significant year-on-year price falls that helped moderate overall food inflation.
At the regional level, the Government Statistician noted sharp disparities persisted in the inflation landscape, with the North East Region recording the highest inflation at 10.1%, while the Savannah Region recorded the lowest at negative 3%.
Eight of Ghana’s 16 regions recorded inflation rates above the national average of 3.7%, reflecting uneven supply conditions, transport costs, and market access across the country.
The Ashanti Region was the single largest regional contributor to overall inflation, accounting for 34.9% of the national figure, followed by Greater Accra at 31% and Eastern Region at 14.8%, meaning those three regions together accounted for nearly 81% of national inflation.
Transport was the only division recording negative year-on-year inflation, declining by 2.8% in May 2026, providing a partial offset to inflationary pressures in other categories.
Housing, water, electricity and fuels remained the highest-inflating division at 11.8%, followed by education services at 7.8% per cent and restaurants and accommodation at 7.2%.
On recommendations, Dr Iddrisu urged the Government to maintain fiscal discipline, invest in food systems, particularly storage, irrigation, and transport infrastructure and address regional inequalities in market access.
He also asked businesses to strengthen local supply chains and reduce avoidable costs, and advised households to track spending carefully, by focusing on essential items, avoiding unnecessary expenditure, and building small savings wherever possible.
