By Francis Ntow, GNA
Accra, June 3, GNA – Ghana’s year-on-year inflation rate rose to 3.7 per cent in May 2026, up from 3.4 per cent in April, marking the second consecutive monthly increase since December 2024, the Ghana Statistical Service (GSS) announced on Wednesday.
The Consumer Price Index (CPI), which measures the changes in the price of a fixed basket of goods and services purchased by households for May 2026, was 270.2 up from 260.5 in May 2025, translating into a year-on-year inflation of 3.7 per cent for May 2026.
The month-on-month inflation rate for May 2026 was 1.1 per cent, compared to the 1.0 per cent monthly increase in April, indicating an increase in the general price level by 1.1 per cent between April and May 2026.
Dr Alhassan Iddrisu, the Government Statistician, presenting the CPI data, noted that despite the marginal uptick, the May 2026 figure remained 14.7 percentage points below the 18.4 per cent recorded in May 2025.
“In the space of 12 months, the rate of price increases has fallen by a remarkable 14.7 percentage points. That is one of the most encouraging stories in these numbers we are releasing today,” he said.
That, Dr Alhassan said, underscored the significant sustained shift in prices, signalling a firm path to macroeconomic stability achieved over the past year, while the recent upticks warrant continued monitoring.
Food and non-alcoholic beverages inflation rose to 3.3 per cent in May 2026 from 2.2 per cent in April, with food prices increasing by 2.0 per cent month-on-month, the sharpest monthly food price jump in recent months and a key driver of the overall increase.
Non-food inflation on the other hand eased slightly to 4.1 per cent in May from 4.2 per cent in April on year-on-year, but recorded an increase of 0.4 per cent monthly, indicating price pressures in the non-food segment.
Services inflation rose to 9.9 per cent in May from 9.6 per cent in April, contributing 72.5 per cent of overall inflation despite accounting for only 27.5 per cent of the CPI basket, highlighting the persistent and disproportionate weight of service sector costs in driving consumer prices.
Inflation for locally produced items rose to 5.0 per cent from 4.7 per cent in April, contributing 92.2 per cent of overall inflation, while imported items inflation remained subdued at 0.9 per cent.
Dr Iddrisu explained that the situation suggested that domestic supply and production dynamics were the dominant price pressures rather than import costs.
Among the top contributors to inflation, charcoal led with a 50.1 per cent year-on-year price increase, contributing 13.1 percentage points to overall inflation, followed by payment for rents at 16.8 per cent.
Fresh tomatoes contributed 35.8 per cent, secondary school fees at 12.3 per cent, and green plantain at 47.6 per cent – pointing to domestic food supply constraints and cost-of-living pressures in housing and education.
Cocoyam leaves recorded the steepest price decline at negative 43.7 per cent, with maize, garden eggs, okro, and fried fish also recording significant year-on-year price falls that helped moderate overall food inflation.
At the regional level, the Government Statistician noted sharp disparities persisted in the inflation landscape, with the North East Region recording the highest inflation at 10.1 per cent, while the Savannah Region recorded the lowest at negative 3.0 per cent.
Eight of Ghana’s 16 regions recorded inflation rates above the national average of 3.7 per cent, reflecting uneven supply conditions, transport costs, and market access across the country.
The Ashanti Region was the single largest regional contributor to overall inflation, accounting for 34.9 per cent of the national figure, followed by Greater Accra at 31.0 per cent and Eastern Region at 14.8 per cent, meaning those three regions together accounted for nearly 81 per cent of national inflation.
Transport was the only division recording negative year-on-year inflation, declining by 2.8 per cent in May 2026, providing a partial offset to inflationary pressures in other categories.
Housing, water, electricity and fuels remained the highest-inflating division at 11.8 per cent, followed by education services at 7.8 per cent and restaurants and accommodation at 7.2 per cent.
On recommendations, Dr Iddrisu urged the Government to maintain fiscal discipline, invest in food systems, particularly storage, irrigation, and transport infrastructure and address regional inequalities in market access.
He also asked businesses to strengthen local supply chains and reduce avoidable costs, and advised households to track spending carefully, by focusing on essential items, avoiding unnecessary expenditure, and building small savings wherever possible.
GNA
Edited by Agnes Boye-Doe
Reporter: Francis Ntow