Ghana’s annual inflation rate rose to 3.7 percent in May 2026, marking a second consecutive monthly increase this year, although price pressures remained significantly lower than levels recorded a year earlier, official data showed on Wednesday.
Figures released by the Ghana Statistical Service showed inflation increased from 3.4 percent in April to 3.7 percent in May, representing a 0.3 percentage-point rise.
Government Statistician Alhassan Iddrisu said the latest figures indicate that the average basket of goods and services purchased by households cost 3.7 percent more in May than in the same month a year earlier.
The Consumer Price Index (CPI), which measures changes in the prices of goods and services over time, rose to 270.2 points in May from 260.5 points in May 2025.
Despite the latest increase, inflation remains dramatically lower than the 18.4 percent recorded a year ago, reflecting a sharp easing in price pressures over the past 12 months.
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“In the space of 12 months, the rate of price increases has fallen by a remarkable 14.7 percentage points,” Iddrisu said during the release of the data.
The decline suggests that households are facing considerably less pressure from rising prices than they were during the inflationary period that affected the economy in 2024 and early 2025.
However, the latest data also point to a modest resurgence in price pressures after several months of steady declines.
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According to the Ghana Statistical Service, May’s increase represents the second consecutive monthly uptick in inflation since the downward trend began, indicating that while inflation remains subdued, the pace of disinflation may be slowing.
On a month-on-month basis, prices increased by 1.1 percent between April and May, suggesting that some goods and services experienced noticeable price adjustments during the period.
Economists generally view both annual and monthly inflation trends as important indicators of consumer purchasing power, business costs and monetary policy conditions.
The latest figures are likely to be closely monitored by policymakers, particularly the Bank of Ghana, which has maintained a focus on price stability as part of broader efforts to support economic recovery.
Analysts say the relatively low inflation environment provides greater room for economic planning by households and businesses, while also helping to preserve consumer purchasing power.
At the same time, the recent upward movement suggests authorities may remain cautious about declaring victory over inflation, especially as global commodity prices, exchange-rate movements and domestic demand conditions continue to influence price developments.
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Ghana’s inflation performance has been one of the country’s key macroeconomic success stories over the past year, with sustained declines helping to improve economic sentiment and reduce pressure on household budgets.
While the long-term trend remains firmly downward, the latest data indicate that inflation has begun to edge higher in recent months, highlighting the need for continued vigilance as the economy navigates its recovery path.
For now, inflation remains well below the double-digit levels seen a year ago, offering relief to consumers even as policymakers monitor signs of renewed price pressures.
