Ghana’s headline inflation rate fell to 4.6% in July 2026, down from 5.3% in June, according to the Ghana Statistical Service (GSS). The latest figure represents a significant improvement in Ghana’s inflation rate compared with the 12.1% recorded in July 2025.
The decline in inflation indicates that the pace of price increases in Ghana continued to slow, with consumer prices remaining relatively stable during the month.
According to the GSS, Ghana’s Consumer Price Index (CPI) increased marginally from 270.9 in June to 271.1 in July. Month-on-month inflation stood at 0.1%, suggesting limited changes in the prices of goods and services.
Food Inflation Drops to 3.1%
Food inflation declined to 3.1% in July, compared with 3.9% in June. The reduction was supported by easing food prices and improvements in domestic supply chains.
Non-food inflation, however, remained higher at 6.1%, reflecting continued price pressures in areas such as transport, housing, healthcare and education.
Goods inflation also moderated, falling from 3.7% in June to 3.4%, while services inflation dropped from 9.4% to 8.5%.
Despite the decline, services inflation remained significantly higher than goods inflation and continues to pose a challenge to Ghana’s efforts to achieve further price stability.
GSS Highlights Continued Disinflation
Presenting the July 2026 inflation figures in Accra, Government Statistician Dr Alhassan Iddrisu said inflationary pressures were continuing to ease following a temporary increase recorded between March and June.
He explained that although prices were still increasing, the rate at which they were rising had slowed considerably.
The GSS attributed the decline in Ghana’s inflation rate to several factors, including lower food prices, reduced transport costs, easing imported inflation and improvements in domestic supply chains.
Locally produced goods and services accounted for 86.7% of overall inflation, while imported inflation stood at 2%, reflecting relative stability in the exchange rate.
Dr Iddrisu identified services inflation as the major risk to further disinflation, noting that the sector recorded an inflation rate of 8.5%.
Housing and Food Remain Major Inflation Drivers
Food and non-alcoholic beverages made the largest contribution to Ghana’s inflation rate among the 13 divisions of the Consumer Price Index, accounting for 32.4% of overall inflation.
Housing, water, electricity, gas and other fuels contributed 22.8%. Annual inflation for this category increased to 8.3% in July from 7.9% in June.
Rent, tomatoes and ginger were among the major individual contributors to overall inflation during the month.
Regional Inflation Rates Vary
Inflation continued to differ significantly across Ghana’s regions. The North East Region recorded the highest regional inflation rate at 10.8%, while the Bono East Region recorded a negative inflation rate of -3.8%, indicating a decline in prices over the year.
The Ashanti and Greater Accra regions together accounted for approximately 62% of Ghana’s national inflation.
Ginger and Mango Prices Surge
Among individual food items, ginger recorded the highest annual price increase, with prices rising by 111.3%.
Mangoes followed with an annual price increase of 89.0%.
On the other hand, kontomire prices declined by 41.2%, while garden eggs recorded a 34.5% annual price reduction.
Businesses Urged to Use Official Inflation Rate
Dr Alhassan Iddrisu advised businesses to rely on the official inflation rate when making pricing decisions and negotiating contracts.
He also encouraged policymakers to maintain fiscal discipline and implement targeted measures in regions experiencing relatively high inflation.
The latest decline in Ghana’s inflation rate to 4.6% is expected to strengthen efforts to achieve price stability, support household purchasing power and improve the broader economic outlook.
Source: newsthemegh.com