Ghana Inflation Rate Quickens to 5% in August

The annual inflation rate in Ghana reaccelerated to 5% in August 2026 from 4.6% in July. Non-food price growth picked up to 6.8%, up from 6.1% in July, driven in part by higher oil prices stemming from the Middle East war that pushed up transport and utility costs. Meanwhile, food inflation eased marginally to 3% from 3.1%. On a monthly basis, the CPI fell by 1% in August, marking the first decline since late 2025, after a 0.1% uptick in the previous month.

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.