Ghana’s inflation rate rose to 5.0% in August 2026, according to data from the Ghana Statistical Service (GSS). The increase was driven by higher non-food and services inflation.

The annual inflation rate increased by 0.4 percentage points, although overall prices fell by 1% between July and August.

Non-food inflation recorded a sharper increase in August, rising to 6.8% from 6.1% in July and putting further upward pressure on the headline inflation rate.

Services inflation saw a slight rise from 8.5% to 8.6%, continuing to reflect relatively high price pressures within the sector.

The rate of inflation for goods rose to 3.8% in August, up from 3.4% in July, signalling an acceleration in the annual increase in goods prices. Locally produced goods also recorded higher inflation, with the rate increasing from 5.9% in July to 6.1% in August.

Meanwhile, inflation on imported goods edged up by 0.2 percentage points to 2.2% in August, from 2.0% the previous month. The July inflation rate slowed to 4.6%, marking a renewed easing in consumer price pressures across the economy.

According to the GSS’ Monthly Consumer Price Index (CPI) Report, Ghana's headline inflation declined by 0.7 percentage points in July, falling from 5.3% in June to 4.6%.

GSS explained that even though the prices of goods continue to increase, they are doing so at a slower pace, providing some relief for consumers.

It also reinforces expectations that inflation could remain comfortably within the Bank of Ghana's medium-term target band of 8 ± 2 percent, provided current macroeconomic conditions are sustained.

The moderation in inflation was driven by slower price increases across both food and non-food categories. Food inflation declined to 3.1% in July from 3.9% in June, while non-food inflation eased marginally to 6.1%, compared with 6.3% a month earlier.

The data also show that services inflation, which covers transport, rent, education, healthcare, haircuts and internet services, declined from 9.4% in June to 8.5%, reflecting slower increases in the cost of services.

On the other hand, inflation for locally produced goods stood at 5.9%, significantly higher than the 2.0% recorded for imported goods. This means inflation for locally produced goods was 3.9 percentage points higher than that of imported goods.

GSS also noted that while the prices of services continue to increase, they are doing so at a slower pace. It added that locally produced goods recorded higher inflation than imported goods, largely because the Ghana cedi has remained relatively stable and global price pressures have eased.

Government Statistician Dr Alhassan Iddrisu said food and non-alcoholic beverages remained the biggest driver of inflation, accounting for 32.4% of the overall increase in prices across the 13 divisions of the Consumer Price Index (CPI).

The report also showed differences in inflation across the country's regions. The North East Region recorded the highest inflation rate at 10.8%, while the Bono East Region recorded the lowest at -3.8%, meaning prices in the region were, on average, lower than they were during the same period last year.

The latest inflation figures suggest that price increases are slowing, a development expected to improve consumers' purchasing power, boost business confidence and create a more stable environment for investment.