Ghana’s inflation rate rose for the second consecutive month in May 2026, signalling a slowdown in the country’s disinflation trend as food prices continued to drive up consumer costs.
On a month-on-month basis, inflation also edged up to 1.1 per cent from 1.0 per cent in April, indicating a gradual build-up of price pressures across the economy.
The latest increase marks the second consecutive rise in inflation after several months of steady decline. However, the current rate remains significantly lower than the 18.4 per cent recorded in May 2025.
Food prices were the main driver of the increase. Inflation for Food and Non-Alcoholic Beverages rose sharply to 3.3 per cent in May, up from 2.2 per cent in April. Monthly food inflation also accelerated to 2.0 per cent from 0.8 per cent, reflecting growing pressure on household budgets.
In contrast, non-food inflation eased slightly to 4.1 per cent from 4.2 per cent in April, suggesting that broader price pressures remain relatively stable despite rising food costs.
The data further showed that locally produced goods remained the primary source of inflationary pressure. Inflation for local products increased to 5.0 per cent from 4.7 per cent in April and accounted for more than 92 per cent of the overall inflation rate. Imported inflation, meanwhile, remained subdued at 0.9 per cent.
Across the major expenditure divisions, services recorded the highest inflation rate at 9.9 per cent, significantly higher than the 1.4 per cent recorded for goods, highlighting persistent cost increases within the services sector.
At the regional level, the North East Region recorded the highest inflation rate at 10.1 per cent, while the Savannah Region experienced deflation, with prices declining by 3.0 per cent.
Despite the recent increases, inflation remains far below levels recorded a year ago. The Ghana Statistical Service noted that the decline from 18.4 per cent in May 2025 to 3.7 per cent in May 2026 reflects substantial progress in macroeconomic stability, although the resurgence in food prices may require close monitoring in the months ahead.