Ghana’s inflation rate recorded a slight increase in May 2026, rising to 3.7 per cent from 3.4 per cent in April, according to the latest figures released by the Ghana Statistical Service in Accra on Wednesday, June 3, 2026.
The new data marks the second straight monthly uptick after a prolonged 15-month period of steady decline, even though overall price pressures remain significantly lower than the 18.4 per cent recorded in May 2025.
Presenting the figures, Government Statistician Alhassan Iddrisu noted that the broader inflation trend still points to improved macroeconomic stability, despite the recent marginal increases that require close monitoring.
The Consumer Price Index rose to 270.2 in May 2026 from 260.5 a year earlier, reflecting a 1.1 per cent month-on-month increase in prices between April and May.
Food inflation was the main driver of the rise, climbing to 3.3 per cent in May from 2.2 per cent in April. Prices of non-alcoholic beverages and key food items also increased by 2.0 per cent over the same period.
Non-food inflation, however, eased slightly to 4.1 per cent from 4.2 per cent, while services inflation rose to 9.9 per cent. Inflation for goods also increased marginally, a concern given their dominant share in the consumer basket.
Imported goods inflation rose from 0.5 per cent to 0.9 per cent, while locally produced items recorded an increase from 4.7 per cent to 5.0 per cent.
Regionally, inflation trends showed wide disparities. The North East Region recorded the highest rate at 10.1 per cent, while the Savannah Region registered a deflation rate of -3.0 per cent. Several other regions, including Ashanti and Greater Accra, made the largest contributions to the national inflation figure.
Key contributors to rising prices included charcoal, rent payments, fresh tomatoes, school fees, and plantain. Fresh tomatoes recorded one of the sharpest increases, surging by 35.8 per cent year-on-year and nearly 39 per cent month-on-month. Ginger also recorded a significant spike of 78.0 per cent year-on-year.
On the other hand, some food items experienced price declines, including cocoyam leaves, garden eggs, fried fish, and pawpaw, which recorded notable deflation over the period.
The Government Statistician advised businesses to improve efficiency and manage costs, while urging households to prioritise essential spending and savings. He also encouraged government investment in food systems such as storage, irrigation, and transport to help stabilise prices.
The data arrives ahead of the next Monetary Policy Committee meeting of the Bank of Ghana, which may consider the inflation trend in its decision on interest rates, following a cumulative policy rate reduction to 18 per cent over the past year.
GSS said its updated inflation reporting now includes more detailed breakdowns of goods, services, and regional contributions to improve transparency and economic analysis.
