Ghana’s Inflation Drops to 4.6% in July 2026

Ghana’s rate of inflation slowed significantly to 4.6% in July 2026, down from 5.3% in June 2026 and 12.1% in July 2025, the Ghana Statistical Service (GSS) has announced.

Presenting the Consumer Price Index (CPI) figures, Government Statistician, Dr Alhassan Iddrisu said prices are still rising but at “a little over a third of last year’s pace.”

“Lower inflation is not lower prices: the relief is in the pace, not yet in the price tag,” Dr Iddrisu explained.

On a month-on-month basis, the general price level rose by just 0.1% in July, down from 0.2% in June.

Dr. Iddrisu noted that while the year-on-year rate compares prices today with July last year, the month-on-month rate “measures what shoppers actually met at the market in the past four weeks.”

The data shows cost pressures have shifted from goods to services and household bills.

Services inflation stood at 8.5% compared to 3.4% for goods. Non-food items accounted for 67.6% of July’s inflation.

Housing, water, electricity and gas rose 8.3% and contributed 22.8% to headline inflation, with rent payments alone contributing 13.0%.

“Rent, school fees, transport fares and utilities are where July’s cost pressure concentrated,” the Statistician said.

Locally produced items rose 5.9% and carried 86.7% of July’s inflation, while imported items rose 2.0% and accounted for 13.3%.

“The exchange rate is not the explanation this month. Supply is,” Dr Iddrisu stated.

The national figure masks sharp differences across products and regions. Ginger prices surged 111.3% and fresh tomatoes 43.4%.

In contrast, maize prices fell 32.9% and kontomire 41.2%.

Regionally, the North East recorded the highest inflation at 10.8%, while Bono East recorded deflation of -3.8%.

“Inflation is not experienced uniformly, and it cannot be answered uniformly,” Dr Iddrisu said.

The Government Statistician cautioned that the 4.6% rate “is a moment to consolidate, not to relax.

”He urged government to “hold spending discipline, and fix the local supply bottlenecks” in storage, irrigation and transport.

Businesses were advised to lock in supplier terms and set prices from monthly data, while households were encouraged to settle rent, school and utility costs early and buy what is in season.

Click to read more: https://opemsuo.com/author/hajara-fuseini/