Ghana Inflation Rises to 3.7% in May, Second Straight Monthly Increase

Ghana’s inflation rose for the second month in a row, reaching 3.7% in May, according to new data released Wednesday by the Ghana Statistical Service.

The latest Consumer Price Index shows headline inflation climbed 0.3 percentage points from 3.4% in April. Month-on-month, prices grew 1.1%, up from 1.0% the previous month, pointing to a steady build-up in cost pressures.

The back-to-back increases signal a shift after months of falling inflation, though the current rate is still far below the 18.4% recorded in May 2025.

Food prices drove the May uptick. Inflation for Food and Non-Alcoholic Beverages jumped to 3.3% in May from 2.2% in April. On a monthly basis, food inflation nearly doubled to 2.0% from 0.8%, showing fresh strain on household budgets.

Non-food inflation eased slightly to 4.1% from 4.2%, suggesting broader price pressures remain contained, with food as the main driver of the latest rise.

Locally produced items continued to account for most inflation, with an annual rate of 5.0% in May, up from 4.7% in April. They made up over 92% of the overall inflation figure. Imported inflation inched up but stayed low at 0.9%.

By category, services saw the highest inflation at 9.9%, compared with 1.4% for goods, reflecting ongoing cost pressures in service-related sectors.

Regionally, the North East Region recorded the highest inflation at 10.1%, while the Savannah Region posted deflation of -3.0%.

The Ghana Statistical Service noted that despite the recent uptick, inflation has dropped sharply from 18.4% in May 2025 to 3.7% in May 2026, highlighting improved macroeconomic stability. It added that emerging food price pressures now need closer monitoring.