Ghana’s year-on-year inflation rate rose to 5.2 per cent in September 2026, extending a two-month upward trend after the rate fell to a low of 3.2 per cent in March.
The latest figure, released by the Ghana Statistical Service (GSS), represents a marginal increase from the 5.0 per cent recorded in August 2026, but remains significantly below the 9.4 per cent recorded in September 2025.
The September increase was driven largely by developments in the services sector, while housing-related costs also remained a major source of inflationary pressure.
According to the GSS, services inflation stood at 8.3 per cent in September, compared with 8.6 per cent in August. Although the rate declined slightly year-on-year, services prices continued to rise faster than goods, with the sector recording a monthly increase of 0.8 per cent.
Goods inflation, meanwhile, increased to 4.2 per cent in September from 3.8 per cent in August.
The figures show that services were rising at roughly twice the pace of goods, indicating that domestic service-related costs were becoming a more significant component of overall price pressures.
Housing remains major pressure point
Housing, water, electricity, gas and other fuels recorded the highest inflation rate among the 13 divisions tracked by the GSS, at 10.3 per cent.
Although this was lower than the 11.6 per cent recorded in August, the category accounted for about 26 per cent of overall inflation, making it one of the largest contributors to the September rate.
Restaurants and hotels recorded inflation of 9.2 per cent, while transport recorded 7 per cent.
Food inflation reverses August decline
Food inflation also increased, rising to 4.0 per cent in September from 3.0 per cent in August.
Food prices increased by 1.5 per cent month-on-month in September, reversing the 2.6 per cent decline recorded in August.
Despite the increase, food inflation remained substantially below the 11 per cent recorded a year earlier.
Food accounted for about 37 per cent of overall inflation, while non-food inflation, which stood at 6.2 per cent, accounted for the remaining 63 per cent.
Inflation trend
The September figure marks the second consecutive monthly increase in inflation after the rate rose from 4.6 per cent in July to 5.0 per cent in August and then 5.2 per cent in September.
The month-on-month inflation rate also turned positive, increasing by 1.1 per cent in September, compared with a 1 per cent decline in August.
The latest data therefore indicate that while Ghana has achieved a substantial reduction in inflation over the past year, the downward trend has recently come under renewed pressure from selected food, housing and service-related costs.
