Ghana's year-on-year inflation rate surged to 5.3% in June 2026, a notable increase from 3.7% in May. This 1.6 percentage point rise was predominantly influenced by escalating non-food prices, as reported by the Ghana Statistical Service (GSS).
The increase in June primarily stemmed from non-food inflation, which climbed to 6.3% from 4.1% in May. Non-food items accounted for 68.5% of the total inflation. Food inflation also saw a slight uptick, rising to 3.9% from 3.3% in the preceding month.
This latest inflation figure, while higher than May's, remains substantially lower than the 13.7% recorded in June 2025. This indicates a broader trend of moderating price pressures over the past year. The Consumer Price Index (CPI) increased to 270.8 in June from 257.3 in June 2025. On a month-on-month basis, inflation slowed to 0.2% from 1.1% in May, showing a reduced pace of increase within the month.
The Ghana Statistical Service released these figures on July 1, 2026. The data highlights the sustained impact of non-food items on overall price levels in the Ghanaian economy. Locally produced goods also contributed significantly, with their inflation rate rising to 6.7% from 5.0% in May, making up 86.6% of headline inflation. Inflation for imported goods rose from 0.9% to 2.3%.
Services continued to exhibit stronger price growth compared to goods in June. Services inflation reached 9.4%, though it slightly eased from 9.9% in May. Conversely, goods inflation increased sharply to 3.7% from 1.4% in the previous month. Regionally, the North East Region experienced the highest inflation at 10.2%, while the Bono East Region recorded the lowest at -4.4%, indicating a local decline in average prices.
Economists will closely monitor future inflation reports to determine if the June increase represents a temporary fluctuation or signals a renewed period of rising price pressures. The Bank of Ghana will also consider this data when making monetary policy decisions. Market participants will adjust their expectations based on these developing economic indicators. The focus will be on the trajectory of non-food prices and their sustained influence on headline inflation in the coming months.