Ghana’s year-on-year inflation rate increased to 5.0% in August 2026, rising from 4.6% recorded in July, according to the latest data from the Ghana Statistical Service (GSS).
The 0.4 percentage-point increase was largely driven by higher non-food inflation and services inflation, despite a decline in food inflation during the month.
Ghana Inflation Rate and Price Changes
The Ghana Statistical Service reported that overall consumer prices declined by 1% between July and August 2026. However, the annual inflation rate increased from 4.6% to 5.0%.
The difference between the monthly decline in prices and the rise in the annual inflation rate reflects changing price pressures within the Ghanaian economy.
Non-food items and services emerged as major contributors to the latest increase in headline inflation.
Non-Food Inflation Rises to 6.8%
Non-food inflation increased to 6.8% in August 2026, compared with 6.1% in July.
The increase in non-food inflation contributed significantly to the overall rise in Ghana’s inflation rate, highlighting continued price pressures outside the food sector.
Services inflation also recorded a marginal increase, moving from 8.5% in July to 8.6% in August. Services therefore remained one of the areas experiencing relatively high inflationary pressures.
Food Inflation Continues to Ease
In contrast, food inflation continued its downward trend, falling slightly from 3.1% in July to 3.0% in August 2026.
The continued moderation in food prices is helping to limit the impact of higher prices in other sectors of the economy.
However, the latest figures suggest that while food inflation is easing, non-food prices and services remain key areas of concern for the cost of living in Ghana.
Goods Inflation Also Increases
Inflation for goods rose to 3.8% in August, up from 3.4% in July, indicating an increase in the annual rate of price growth for goods.
Inflation for locally produced goods also increased, moving from 5.9% in July to 6.1% in August.
Meanwhile, imported inflation edged up from 2.0% to 2.2% during the same period.
The relatively low rate of imported inflation suggests that external price pressures remain comparatively contained. Nevertheless, changes in global commodity prices, exchange rates and international markets could continue to affect Ghana’s inflation outlook.
Ghana Inflation Falls Significantly Compared With 2025
Despite the increase recorded in August, Ghana’s inflation rate remains substantially lower than it was a year earlier.
The 5.0% inflation rate recorded in August 2026 compares with 11.5% in August 2025, representing a significant 6.5 percentage-point decline over the 12-month period.
The latest Ghana Statistical Service figures therefore indicate that disinflation in Ghana is continuing compared with the previous year, although the recent increase shows that the decline in inflation is not occurring in a straight line.
The August inflation data will be closely watched by policymakers, businesses, investors and consumers as they assess the Ghana economic outlook, cost of living, consumer prices and future monetary policy direction.
Source: newsthemegh.com