Ghana Inflation Rate Falls to Near 3-Decade Low

The annual inflation rate in Ghana fell to 4.6% in July 2026 from a six-month high of 5.3% in June, marking the first monthly decline after three consecutive increases. Food inflation slowed to 3.1% from 3.9% the month before, while non-food inflation eased marginally to 6.1%, compared with 6.3% in June, as a more stable exchange rate helped curb imported inflation. The cost of imported goods rose by 2% year-on-year in July, slowing from a 2.3% rise in June. On a monthly basis, the CPI edged up by 0.1% in July, after a 0.2% increase in the previous month.

The annual inflation rate in Ghana soared to 5.3% in June 2026 from 3.7% in May, reaching its highest level since December 2025, as price pressures intensified for the third month. Price growth accelerated for non-food products (6.3% vs 4.1% in May), led by transport, housing and education services; while food inflation also rose to 3.9% from 3.3%. On a monthly basis, the CPI increased by 0.2% in June, following a 1.1% advance in the month before.

Ghana’s annual inflation rate accelerated for a second month to 3.7% in May 2026, from 3.4% in April, reaching its highest level since January. Food and non-alcoholic beverage inflation rose to 3.3% from 2.2%, driving the increase, as higher oil and fertilizer costs linked to the Middle East war and the ongoing effects of climate change weighed on domestic agricultural activity. Meanwhile, non-food inflation edged down slightly to 4.1% from 4.2%. On a monthly basis, the CPI rose by 1.1% in May, up from 1% in the prior month.