Ghana’s year-on-year inflation rate rose to 5.0% in August 2026, up from 4.6% in July, as higher non-food and services inflation put renewed pressure on the headline rate.
Data from the Ghana Statistical Service (GSS) show that while overall prices declined by 1% between July and August, the annual inflation rate increased by 0.4 percentage points.
The divergence between the monthly movement in prices and the annual inflation rate highlights the changing composition of price pressures in the economy, with non-food items and services emerging as key drivers of the increase in August.
Non-food inflation drives August increase
Non-food inflation rose to 6.8% in August, from 6.1% in July, contributing significantly to the increase in the headline inflation rate.
Services inflation also edged up to 8.6%, from 8.5% in the previous month, maintaining its position among the categories recording relatively high price pressures.
Food inflation, however, continued to ease, falling marginally to 3.0% in August, from 3.1% in July.
The figures suggest that continued moderation in food prices is helping to contain overall inflation, even as price pressures in non-food categories and services remain elevated.
Goods and services show divergent trends
Inflation for goods increased to 3.8% in August, from 3.4% in July, pointing to a renewed rise in the annual pace of price increases for goods.
Inflation for locally produced items also increased to 6.1%, compared with 5.9% in July.
Imported inflation, meanwhile, edged up to 2.2%, from 2.0% in the previous month.
The relatively lower rate of imported inflation suggests that external price pressures remain more contained than domestic pressures, although developments in global commodity prices and currency markets could continue to influence the inflation outlook.
Inflation remains well below 2025 levels
Despite the August increase, Ghana’s inflation rate remains significantly below the level recorded a year earlier.
The 5.0% inflation rate in August 2026 compares with 11.5% in August 2025, representing a substantial 6.5 percentage-point decline over the 12-month period.
The latest figures therefore point to continued disinflation compared with a year ago, even though the increase in the annual rate in August suggests that the downward trend may not be linear.
Overall, the data indicate that inflationary pressures remain relatively subdued by historical standards, with easing food prices helping to offset rising pressures in non-food items and services.
