Price pressures edge higher as inflation posts 2nd straight increase

By Juliet ETEFE

Consumer inflation rose marginally to 3.7 percent in May 2026, marking the second consecutive monthly increase and signalling a slight rebound in price pressures largely driven by higher food costs, according to the latest Consumer Price Index (CPI) data released by Ghana Statistical Service (GSS).

The year-on-year inflation rate increased from 3.4 percent in April 2026 to 3.7 percent in May, while month-on-month inflation rose to 1.1 percent from 1 percent recorded in April.

Despite the uptick, inflation remains significantly lower than the 18.4 percent recorded in May 2025 – representing a decline of 14.7 percentage points over the past year and underscoring the broader easing in price pressures despite recent increases.

Food and non-food

Higher food prices were the primary driver of the increase in inflation. Food and non-alcoholic beverages inflation accelerated to 3.3 percent in May from 2.2 percent in April, contributing 38 percent to overall inflation. Month-on-month food inflation also rose sharply to 2 percent, compared with 0.8 percent in April.

In contrast, non-food inflation eased marginally to 4.1 percent from 4.2 percent in April, although prices within the category still increased by 0.4 percent during the month.

The data further showed that inflation for locally produced goods increased to 5 percent in May from 4.7 percent in April, while inflation for imported items rose to 0.9 percent from 0.5 percent over the same period.

Services inflation climbed to 9.9 percent from 9.6 percent, remaining substantially higher than goods inflation which rose slightly to 1.4 percent from 1.1 percent.

At the divisional level, food and non-alcoholic beverages emerged as the largest contributors to overall inflation, accounting for 38.5 percent of the headline rate. Housing, water, electricity, gas and other fuels contributed 32.6 percent, while education services accounted for 13.8 percent.

Among individual items charcoal was the single largest contributor to inflation, accounting for 13.1 percent of the overall rate – followed by rent payments at 11.8 percent and fresh tomatoes at 11.4 percent. Other significant contributors included secondary school fees, plantain, river-fish and ginger.

Fresh tomatoes recorded one of the sharpest price increases, rising 35.8 percent year-on-year and 38.8 percent month-on-month. Ginger inflation reached 78 percent, while charcoal prices increased by 50.1 percent over the same period.

Regional inflation

Regional inflation disparities remained pronounced. North East Region recorded the highest inflation rate at 10.1 percent while Savannah Region registered the lowest rate at negative 3 percent. Eight of the country’s 16 regions recorded inflation rates above the national average.

Ashanti Region contributed the largest share of national inflation at 34.9 percent, followed by Greater Accra at 31.0 percent and Eastern Region at 14.8 percent.

According to Ghana Statistical Service, differences in local supply conditions, transport costs and market access may be contributing to the wide variation in inflation rates across regions.

Ghana Statistical Service noted that maintaining fiscal discipline and investing in food systems – particularly storage, irrigation and transport infrastructure – could help sustain price stability and address regional disparities.

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