Ghana's inflation rate has increased to 5.5% in October 2026, according to the Ghana Statistical Service (GSS). This represents a 0.3 percentage point increase from the 5.2% recorded in September. Despite this rise, the inflation rate remains 2.5 percentage points lower than the 8% recorded in October 2025. The GSS attributes the increase to rising non-food and services inflation.
The breakdown of the inflation rate shows that food inflation eased to 2.8% in October, down from 4% in September. In contrast, non-food inflation climbed to 7.9% from 6.2%, while services inflation rose more sharply to 11.5% from 8.3%. The rise in services inflation is particularly significant as it points to stronger price pressures in areas such as transport, housing-related services, and other household expenses.
The increase in services inflation can affect household budgets even when food prices are rising more slowly. The Ghana Statistical Service's data shows that the rise in inflation points to a shift in the sources of price pressure, with food inflation slowing while costs in other parts of the economy continue to rise. This shift highlights the complexities of inflation and its impact on different sectors of the economy.
The breakdown by origin also shows a widening difference between locally produced and imported items. Inflation for locally produced items increased to 6.9% in October from 6.4% in September. Imported items inflation, however, remained unchanged at 2.4%. This suggests that domestic price pressures remain more pronounced than those affecting imported goods.
Despite the increase in annual inflation, the consumer price index fell by 0.1% month-on-month in October, compared with a 1.1% increase in September. The decline was largely associated with a 2% reduction in food prices during the month. This highlights the difference between annual inflation and the monthly change in prices.
The contrasting movements in inflation rates highlight the complexities of price stability in Ghana. The moderation in imported inflation has not translated into similar price stability across locally produced items. This suggests that domestic factors continue to drive inflation, and policymakers must consider these factors when making decisions.
The Ghana Statistical Service's data provides valuable insights into the country's inflation trends. The service's data collection and analysis help policymakers and economists understand the underlying drivers of inflation and make informed decisions. The data also highlights the need for continued monitoring of inflation trends to ensure price stability and economic growth.
Key points
- Ghana's inflation rate increased to 5.5% in October 2026, driven by rising non-food and services inflation.
- Food inflation eased to 2.8% in October, while non-food inflation climbed to 7.9% and services inflation rose to 11.5%.
- The consumer price index fell by 0.1% month-on-month in October, despite the increase in annual inflation.
