Ghana’s inflation rate has gone up to 5.0% in August 2026 from 4.6% in July, driven by rising prices of non-food items and services.
Figures released by the Ghana Statistical Service (GSS) show that even though prices dropped by 1% between July and August, the year-on-year inflation rate still went up by 0.4 percentage points.
The contrast between falling monthly prices and rising annual inflation shows a shift in what is pushing prices up, with non-food goods and services now leading the pressure.
Non-food, services push rate upNon-food inflation increased to 6.8% in August from 6.1% in July, accounting for a major part of the rise in the overall rate.
Services inflation also inched up to 8.6% from 8.5% last month, remaining one of the highest contributors to price pressures.
Food inflation, on the other hand, continued to slow, dropping slightly to 3.0% in August from 3.1% in July. The numbers indicate that easing food prices are helping to keep overall inflation in check, while cost pressures in non-food and services remain high.
Mixed trends for goods and servicesInflation for goods rose to 3.8% in August from 3.4% in July, signalling a fresh increase in prices of goods.
Inflation for locally made products also climbed to 6.1% compared to 5.9% in July.Imported inflation saw a marginal rise to 2.2% from 2.0% the previous month.
The lower imported inflation rate suggests external price pressures are still subdued compared to domestic drivers, although global commodity and exchange rate developments could still affect future inflation.
Still far below last year’s rate.
Despite the increase in August, Ghana’s inflation rate is still much lower than what was recorded a year ago.
The 5.0% recorded in August 2026 is down from 11.5% in August 2025, showing a sharp 6.5 percentage-point drop over the past year.
The latest data therefore shows sustained disinflation compared to last year, even though the monthly rise suggests the decline is not in a straight line.
