Ghana’s annual inflation rate edged higher in April, driven by a pickup in non-food prices even as food costs continued to ease, official data showed on Wednesday.
Figures released by the Ghana Statistical Service put headline inflation at 3.4 percent year-on-year in April 2026, up slightly from 3.2 percent in March.
On a monthly basis, however, price pressures accelerated more sharply, with inflation rising to 1.0 percent in April from 0.1 percent the previous month suggesting a faster build-up in costs across the economy.
Non-food pressures build
The data pointed to a widening divergence between food and non-food inflation.
More Read
Food inflation eased marginally to 2.2 percent in April from 2.3 percent in March, extending a downward trend that has brought some relief to households after prolonged increases in grocery prices.
In contrast, non-food inflation climbed to 4.2 percent from 3.9 percent, driven by rising costs in housing, transport, recreation and household services.
The gap was more pronounced on a month-on-month basis. Food prices rose 0.8 percent in April after falling 0.3 percent in March, while non-food prices jumped 1.1 percent, up from a 0.3 percent increase previously.
Analysts say the trend highlights shifting sources of inflationary pressure, with services and living costs now playing a larger role than food.
Imported inflation resurfaces
The report also showed early signs of imported inflation picking up after a period of relative stability.
Prices of imported goods rose 0.7 percent year-on-year in April, up from 0.5 percent in March. On a monthly basis, imported inflation surged 1.5 percent after a 0.2 percent decline the previous month.
Locally produced items, by contrast, saw inflation ease slightly to 4.7 percent year-on-year, while rising 0.7 percent month-on-month.
The rebound in imported inflation is likely to draw attention from the Bank of Ghana, which has relied on exchange rate stability to contain external price pressures.
More Read
Services costs remain elevated
A breakdown of inflation components showed a sharp contrast between goods and services.
Goods inflation rose to 1.1 percent year-on-year in April from minus 1.0 percent in March, largely reflecting base effects from the previous year.
Services inflation, however, remained significantly higher at 9.6 percent, up from 7.2 percent in March — underlining persistent increases in the cost of sectors such as education, healthcare, transport and hospitality.
Month-on-month, goods prices rose 0.4 percent, unchanged from March, while services prices increased 0.7 percent after declining in the previous month.
Regional disparities widen
The data also highlighted stark regional differences in price movements across the country.
The Savannah Region recorded the highest inflation rate at 9.5 percent year-on-year, well above the national average. In contrast, the North East Region posted the lowest rate at minus 3.5 percent, indicating a decline in prices compared with a year earlier.
The gap between the highest and lowest regional inflation rates widened to 13 percentage points, pointing to uneven economic conditions across Ghana.
Policy outlook
Economists say the mixed inflation picture — easing food prices alongside rising non-food and imported costs — presents a complex challenge for policymakers.
While lower food inflation may support household purchasing power, rising service and imported costs could sustain underlying inflationary pressures in the months ahead.
The latest figures come as Ghana’s monetary authorities weigh the balance between supporting growth and maintaining price stability, with analysts expecting close scrutiny of exchange rate trends and external price movements in upcoming policy decisions.
Despite the uptick, Ghana’s inflation rate remains relatively low by historical standards, but the April data signals that underlying pressures may be re-emerging beneath the surface.
