Ghana Inflation Rate Up to 4-Month High in May

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.

Ghana’s annual inflation rate inched up to 3.4% in April 2026 from 3.2% in March. Non-food inflation accelerated to 4.2% from 3.9%, largely on account of fuel prices, while food and non-alcoholic beverage inflation eased to 2.2% from 2.3% in March. On a monthly basis, the CPI rose by 1%, the strongest increase since February 2025, after a 0.1% increase the month before.

Ghana’s annual inflation rate eased to 3.2% in March 2026 from 3.3% in February, sustaining a 15-month downward trend. This was the lowest reading since the 2021 rebasing, as the cedi has maintained stability, helping to curb price growth. Prices moderated slightly for both food (2.3% vs 2.4% in February) and non-food products (3.9% vs 4%). Inflation for domestically produced goods rose to 4.9% in March from 4.5% in February. Meanwhile, prices for imported goods fell by 0.6%, after a 0.6% rise in February, likely reflecting favorable exchange rate effects. On a monthly basis, the CPI rose by 0.1%, after increasing by 0.8% in the previous month.