Ghana’s Inflation Rises to 5.5% in October 2026

Ghana’s year-on-year inflation rate increased to 5.5% in October 2026, up from 5.2% in September, as rising prices in the non-food and services sectors outweighed a slowdown in food inflation.

The latest figures from the Ghana Statistical Service (GSS) represent a 0.3 percentage point increase in the headline inflation rate.

Despite the increase, inflation remains significantly lower than the 8% recorded in October 2025, representing a 2.5 percentage point decline over the one-year period.

The latest data show that food inflation eased to 2.8% in October from 4% in September.

However, non-food inflation increased to 7.9% from 6.2%, while services inflation rose sharply to 11.5% from 8.3% over the same period.

The increase in services inflation reflects growing price pressures in areas such as transport, housing-related services and other household expenses, which continue to affect consumers.

Locally produced goods record higher inflation

A breakdown of inflation by origin shows that prices of locally produced items recorded a higher increase than imported goods.

Inflation for locally produced items rose to 6.9% in October from 6.4% in September, while imported items inflation remained unchanged at 2.4%.

This indicates that domestic price pressures remain more pronounced despite relative stability in the cost of imported goods.

Overall prices decline month-on-month

Meanwhile, the Consumer Price Index (CPI) recorded a 0.1% decline in October, compared with a 1.1% increase in September.

The month-on-month reduction was largely driven by a 2% fall in food prices during the period.

The figures highlight a contrast between annual inflation, which measures changes in prices over a 12-month period, and month-on-month inflation, which tracks price movements between September and October.