Ghana’s annual inflation rate rose to an 11-month high of 5.5 percent in October 2026, from 5.2 percent in September, as rising transport and services costs offset easing food prices.
The increase marks the second consecutive monthly rise in inflation, according to the latest Consumer Price Index (CPI) bulletin released by the Ghana Statistical Service (GSS).
Despite the uptick, October’s inflation rate was 2.5 percentage points lower than the 8.0 percent recorded in the corresponding period of 2025.
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Non-food inflation was the main driver of the increase, accelerating to 7.9 percent in October from 6.2 percent in September. Within this category, services inflation climbed sharply to 11.5 percent from 8.3 percent, reflecting mounting price pressures in transport, education, housing-related services and other household expenses.
Transport prices recorded an 8.0 percent month-on-month increase, contributing significantly to the acceleration in services inflation.
In contrast, food inflation eased to 2.8 percent in October from 4.0 percent in September, providing some relief to households amid rising costs in other segments of the economy.
Prices of several staple foods declined compared with a year earlier, with guinea corn and sorghum falling by 28.0 percent, maize by 27.2 percent and local rice by 14.3 percent. However, fresh tomato prices surged by 119.3 percent over the same period, highlighting persistent price disparities across food items.
On a monthly basis, consumer prices declined by 0.1 percent in October, reversing the 1.1 percent increase recorded in September. The decline was largely driven by a 2.0 percent drop in food prices.
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Government Statistician, Dr Alhassan Iddrisu, said the latest figures reflected the growing contribution of non-food items to overall inflation.
“Of every GH¢1 of price rise in October, about 76 pesewas came from non-food and 24 pesewas from food,” he explained.
The regional breakdown showed significant differences in price movements across the country. Ashanti Region recorded the highest inflation rate at 9.7 percent, while the Northern Region posted the lowest at -0.5 percent. Ashanti and Greater Accra together accounted for 60.2 percent of total inflation.
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The data also showed that locally produced items were responsible for the bulk of price pressures, recording annual inflation of 6.9 percent and contributing 86.4 percent of total inflation. Imported items, meanwhile, recorded inflation of 2.4 percent.
The latest increase comes as the Bank of Ghana maintains its monetary policy rate at 14 percent. Although inflation remains significantly below the 8.0 percent midpoint of the central bank’s medium-term target, its 5.5 percent reading is also below the lower boundary of the 6–10 percent target range.
The renewed acceleration in non-food inflation, particularly transport and services costs, could complicate the central bank’s assessment of the inflation outlook, even as declining food prices continue to provide some relief.
Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance.
