Ghana’s year-on-year inflation rate hit 5.3% in June 2026. This marks a significant 1.6 percentage point increase from 3.7% recorded in May. The Ghana Statistical Service (GSS) reported this rise, pinpointing non-food prices as the primary driver.
The acceleration was largely driven by essential services and goods. Transport fares accounted for 10.5% of overall inflation, while rents contributed 8.4%. Secondary school fees added another 7.2% to the pressure. These increases directly affect the pockets of most Ghanaian households, making daily living more expensive.
This June 2026 figure, while higher than the previous month, shows a considerable easing compared to June 2025's 13.7% inflation. This data suggests that while prices are still climbing, the rate of increase has slowed over the past year. The broader trend indicates ongoing, though moderating, price pressures within the Ghanaian economy.
The GSS data highlighted that non-food inflation jumped to 6.3% from 4.1% in May. This category alone was responsible for 68.5% of total inflation. Services inflation, a key component of non-food items, stood at 9.4%, indicating sustained price growth in the services sector.
Looking ahead, policymakers will closely monitor the trajectory of non-food inflation. Continued increases in transport, housing, and education costs could strain household budgets further and impact economic stability. The Bank of Ghana may consider appropriate monetary policy responses if these trends persist.
Locally produced items also saw their inflation rate climb to 6.7% in June, up from 5.0% in May. These goods contributed 86.6% to headline inflation. In contrast, inflation for imported goods rose to 2.3% from 0.9% in the previous month. This indicates that domestic production costs and demand are playing a major role in price changes.
Regionally, inflation varied significantly across the country. The North East Region recorded the highest inflation rate at 10.2% in June. Meanwhile, the Bono East Region experienced the lowest rate at -4.4%.
The Consumer Price Index (CPI), which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, increased to 270.8 in June from 257.3 in June of the previous year. This reflects the overall rise in living costs over the 12-month period. Month-on-month inflation, however, slowed to 0.2% in June, compared to 1.1% in May, showing a moderated pace of price increases within the month.