Ghana’s Inflation Edges Up to 3.7% in May- GSS

Ghana’s year-on-year inflation rate rose slightly to 3.7% in May 2026, up from 3.4% in April 2026, the Ghana Statistical Service has announced.

While prices of goods and services continued to climb, the GSS noted the increase remains far below the 18.4% recorded in May 2025.

“This tells us that despite the slight increase in May 2026, Ghana’s inflation situation improved significantly over the past year,” Government Statistician Alhassan Iddrisu said.

On average, goods and services were 3.7% more expensive in May 2026 than they were a year ago.

The uptick was driven mainly by food inflation, which increased from 2.2% in April to 3.3% in May.

Non-food inflation eased slightly from 4.2% to 4.1% during the same period. Locally produced items recorded 5% inflation, up from 4.7%, while imported inflation remained low at 0.9%.

“This suggests that domestic factors continue to drive inflation more strongly than imported items,” he said.

Services inflation held steady at 9.9%, while goods inflation was 1.4%.

The North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region recorded the lowest at -3.0%.

Contributors
The biggest contributors to overall inflation were charcoal, rent, fresh tomatoes, secondary school fees, and green plantain, which together accounted for 54.9% of the inflation rate.

Items with the highest inflation included ginger at 78%, mango at 61.9%, and charcoal at 50.1%.

On the other hand, prices of some food items declined sharply. Cocoyam leaves dropped by 43.7%, fried fish by 43.6%, garden eggs by 41.3%, and pawpaw by 40.4%.

Overall, the GSS said food prices, housing and utility costs, education expenses, and restaurants and accommodation services continue to shape inflation trends in Ghana.

For the way forward, the Service advised that the government’s priority should remain fiscal discipline and investment in food storage, irrigation, transport, and regional market services.

Businesses, it added, should focus on improving efficiency and reducing avoidable costs, while households should practice careful spending, prioritise essential needs, and make small savings where possible.

Story by Hajara Fuseini

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