Ghana's inflation rate has increased marginally to 5.2% in September 2026, from 5.0% in August, according to the Ghana Statistical Service (GSS). This rise reverses the downward trend recorded in previous months. Despite the increase, inflation remains significantly lower than the 9.4% recorded in September 2025. The month-on-month inflation rate stood at 1.1%, indicating that prices increased by that rate between August and September.
The rise in inflation was largely driven by non-food items, which recorded an inflation rate of 6.2%, compared with food inflation of 4.0%. Non-food items accounted for 63.3% of total inflation, while food contributed 36.7%. The services sector remains a key pressure point, with an inflation rate of 8.3%, almost twice the 4.2% recorded for goods. This suggests that prices in the services sector continue to be a challenge for consumers.
The GSS data also show that inflation is increasingly being driven by domestic factors. Inflation for locally produced items stood at 6.4%, compared with just 2.4% for imported items. Locally produced items accounted for 85.7% of total inflation, indicating that domestic price pressures are a significant contributor to inflation. This trend suggests that the Ghanaian economy is experiencing inflationary pressures that are largely driven by internal factors.
Regionally, Ashanti recorded the highest inflation rate at 9.8%, followed by Eastern at 7.8%. Greater Accra recorded 3.4%, while Western recorded the lowest rate at -0.5%. The variation in inflation rates across regions suggests that some areas are experiencing more significant price increases than others. This could be due to regional differences in economic activity, supply and demand, and other factors.
Some food items recorded sharp price increases, with fresh tomatoes rising by 153.4% year-on-year and ginger by 100.4%. In contrast, lime prices fell by 29.9% and maize by 26.4%. These price changes suggest that some food items are experiencing significant inflationary pressures, while others are experiencing price decreases. This variation in food prices could be due to factors such as seasonal changes in supply and demand.
The GSS estimates that inflation has fallen by 4.2 percentage points over the past year, from 9.4% to 5.2%. However, the latest increase highlights continued domestic price pressures, particularly in the services sector. Housing, water and energy recorded an inflation rate of 10.3%, while restaurants and hotels recorded 9.2%. These price increases suggest that some sectors are experiencing significant inflationary pressures.
Overall, the increase in inflation to 5.2% in September 2026 suggests that the Ghanaian economy is experiencing ongoing price pressures, particularly in the services sector. The GSS data highlight the need for continued monitoring of inflation and economic trends to ensure that the economy remains stable and that price pressures are managed. The government and other stakeholders will need to consider these trends when making economic policy decisions.
Key points
- Inflation in Ghana increased to 5.2% in September 2026, driven by non-food items and high prices in the services sector.
- The services sector recorded an inflation rate of 8.3%, almost twice the 4.2% recorded for goods.
- Inflation for locally produced items stood at 6.4%, compared with just 2.4% for imported items.
