Ghana’s inflation rate increased for the second consecutive month in May 2026, with rising food prices emerging as the main driver of renewed price pressures across the economy.
According to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service, headline inflation rose to 3.7 percent in May from 3.4 percent recorded in April. Monthly inflation also edged up to 1.1 percent, compared to 1.0 percent the previous month.
The latest figures suggest a gradual shift in Ghana’s disinflation trend after months of consistent declines, although inflation remains significantly lower than the 18.4 percent recorded during the same period last year.
Food and Non-Alcoholic Beverages recorded the sharpest increase, with annual inflation rising from 2.2 percent in April to 3.3 percent in May. Monthly food inflation also accelerated to 2.0 percent, highlighting growing cost pressures on household consumption.
In contrast, non-food inflation eased slightly to 4.1 percent from 4.2 percent, indicating that inflationary pressures remain largely concentrated within the food sector.
Locally produced goods continued to account for most of the inflation recorded during the period, posting an annual inflation rate of 5.0 percent and contributing more than 92 percent of the overall inflation figure. Imported inflation remained relatively low at 0.9 percent.
The data further showed that services recorded the highest inflation rate at 9.9 percent, significantly higher than the 1.4 percent recorded for goods.
At the regional level, the North East Region recorded the highest inflation rate at 10.1 percent, while the Savannah Region experienced deflation of 3.0 percent.
Despite the recent increases, the Ghana Statistical Service noted that inflation remains substantially lower than levels recorded a year ago, reflecting improved macroeconomic stability. However, the latest figures suggest that food prices will remain a key area of concern for policymakers and consumers in the months ahead.
