September inflation hits 5.2%, up 0.2 percentage points from August

Ghana’s headline inflation rose to 5.2% in September 2026, from 5.0% in August, according to the Ghana Statistical Service (GSS).

In its September 2026 Consumer Price Index report, the GSS said the 0.2 percentage-point increase reflected a 1.1% rise in prices between August and September.

Despite the monthly uptick, inflation was 4.2 percentage points lower than the 9.4% recorded in September 2025.

The latest figure also marks a reversal from the 3.2% inflation recorded in March 2026, the year’s lowest point.

The rate has since increased gradually, reaching 5.2% in September.

The GSS said food inflation increased to 4.0% in September from 3.0% in August, while non-food inflation eased from 6.8% to 6.2%. Services continued to record higher inflation than goods, at 8.3% compared with 4.2%.

The Service also reported that locally produced items recorded inflation of 6.4%, while imported items recorded 2.4%.

The GSS said the September figures point to a price environment where domestic factors continue to exert greater pressure than imported goods.

“Inflation is now a home-grown, services story,” the Service said, adding that “imported goods are the slowest-rising part of the basket, at just 2.4%.”

It further noted that locally produced items accounted for 85.7% of overall inflation, while services remained the most persistent source of price pressure.

“Services are the last hurdle,” the GSS said, noting that services recorded inflation of 8.3% and remained “the main risk to further disinflation.”

Although food inflation increased during the month, individual food items recorded sharply different price movements.

Fresh tomatoes recorded the highest year-on-year increase among the highlighted items, rising by 153.4%. Ginger increased by 100.4%, while shrimps rose by 62.8%.

On the other hand, lime prices fell by 29.9%, maize by 26.4%, Bambara beans by 21.7% and local rice by 15.6%.

The GSS summed up the contrasting movements by saying, “One rate, many realities: fresh tomatoes jumped 153.4% while lime fell 29.9% – the 5.2% average hides very different market experiences.”

Food and beverages remained the largest contributor to overall inflation, accounting for 36.7% of the September rate. Housing, water and energy followed with a 25.6% contribution.

Despite the recent upward movement, headline inflation remains considerably below the level recorded a year earlier.

The GSS said inflation declined from 9.4% in September 2025 to 3.2% in March 2026 before rising again in subsequent months.

The Consumer Price Index stood at 271.5 in September 2026, compared with 258.0 in September 2025.

The GSS said the latest figures were based on prices collected from 8,337 outlets in 57 markets across all 16 regions, covering 307 goods and services.

The Service said the CPI remains an important indicator for households, businesses and policymakers because it informs wage negotiations, monetary policy, budgeting and investment decisions.