Ghana’s national inflation rate rose to 5.3% in June 2026, marking the third consecutive monthly increase, the Ghana Statistical Service reported Thursday in Accra. Officials attributed the rise to a 0.2% month-on-month increase in the Consumer Price Index, following earlier price gains in April and May.
This follows a 1.1% monthly rise in May and a 1.1% increase between April and May, indicating a steady buildup of price pressures over the last three months, officials said. Government Statistician Dr. Alhassan Iddrisu, who released the June CPI report in Accra, explained that prices of goods and services rose on average by 5.3% between June 2025 and June 2026.
The 5.3% inflation rate recorded in June 2026 marks the highest since December 2025 and reflects a 0.2% month-on-month increase in the Consumer Price Index (CPI), according to the Ghana Statistical Service (GSS).
The rise in inflation was driven primarily by non-food items, which surged to 6.3% in June from 4.1% in May, making it the main contributor to the headline increase. Within the non-food category, inflation in services remained elevated at 9.4% in June, slightly down from 9.9% in May, while inflation for goods accelerated sharply to 3.7% from 1.4% the previous month. Dr. Iddrisu attributed the non-food price pressures largely to rising costs in sectors such as transport, housing, education, and accommodation.
Food inflation also continued its upward trend, rising to 3.9% in June from 3.3% in May and 2.2% in April, reflecting at least three consecutive months of increases. The GSS noted that higher prices for staples such as tomatoes, plantain, fish, ginger, and rice contributed to the food inflation rise. Despite this increase, food inflation remains considerably lower than the 16.3% recorded in June 2025, when food prices were a major driver of double-digit inflation.
Inflation for locally produced goods climbed to 6.7% in June, up from 5.0% in May, accounting for more than 86% of headline inflation, according to GSS data. Imported goods inflation also rose, reaching 2.3% in June from 0.9% in May, but the gap between local and imported inflation suggests domestic cost and supply factors are the primary source of price increases. The rise in locally produced goods inflation reflects ongoing pressures within Ghana’s domestic production system, officials said.
Regional disparities in inflation remain pronounced. The North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region experienced deflation at -3.0%, according to the GSS May 2026 report. These variations highlight the influence of supply chain differences and local market dynamics on inflation outcomes across the country.
The recent inflation increases follow a prolonged period of disinflation that began in late 2024. Inflation fell sharply from 23.8% in December 2024 to 13.7% in June 2025, marking six consecutive months of decline driven by easing food and non-food price growth. The 13.7% rate in June 2025 was the highest in the previous year before the trend reversed in 2026. Compared with these double-digit figures, the current 5.3% rate indicates that Ghana is experiencing low but rising inflation.
At a Monetary Policy Committee press conference in May 2026, Bank of Ghana Governor Johnson Asiama projected that inflation would rise gradually toward the medium-term target range of 6% to 10% by the end of the year. He cited exchange rate-related base effects, food supply conditions, and transport fares as key factors influencing this trajectory. The central bank’s outlook aligns with the observed pattern of three consecutive monthly increases in inflation during 2026.
In response to the disinflation trend in 2025, the Bank of Ghana had cut its key interest rate from 28% to 25%, signaling confidence in the easing inflation environment. However, the current environment of moderate inflation increases may prompt a reassessment of monetary policy, officials said. Dr. Iddrisu has emphasized that while inflation remains relatively low compared to last year, households and businesses continue to face moderate monthly price increases, driven by food prices, services costs, and locally produced goods.
The GSS will continue to monitor inflation trends closely, with monthly CPI reports providing detailed insights into sectoral and regional price developments. The trajectory of inflation in the coming months will be influenced by domestic production conditions, supply chain factors, and external economic pressures, according to analysts and government sources.
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