Story: Business Desk

Ghana’s year-on-year inflation rate rose to 5.2% in September 2026, up from 5.0% in August. 

The latest figure is, however, significantly lower than the 9.4% recorded in September 2025, representing a 4.2 percentage-point decline over the period. 

The September figure also marks the second consecutive monthly increase in inflation after it fell to a low of 3.2% in March 2026. 

Presenting the figures, the  Government Statistician explained that the latest movement reflects a reversal of the price decline recorded in August. 

“Month-on-month, we recorded an inflation rate of 1.1 percent in September 2026. This follows a price fall of 1 percent in August.” 

He noted that while inflation has nearly halved over the past year, the recent trend is pointing upwards. 

“So, inflation has nearly halved over the year, but the direction over the last two months is upward. Both are facts and both matter.” he said. 

Food inflation increased to 4% in September, from 3% in August, although it remained well below the 11% recorded a year earlier. 

Food prices increased by 1.5% month-on-month in September, after falling by 2.6% in August. 

The Statistical Service said food accounted for about 37% of overall inflation during the month. 

“Food inflation rose to 4 percent in September 2026, up from 3 percent in August 2026. But a year ago, food inflation was 11 percent, so food prices are rising far more slowly than they were a year ago.” 

Non-food remains biggest contributor 

Non-food inflation, meanwhile, eased to 6.2% in September, from 6.8% in August and 8.2% a year earlier. 

Despite the moderation, non-food items remained the biggest contributor to inflation, accounting for about 63% of the September rate. 

“Which of the two categories is driving inflation? The answer is non-food. It accounts for about 63% of inflation in September while food accounts for about 37%.” 

On a month-on-month basis, non-food prices rose by 0.6% in September, compared with 0.5% in August. 

The data also points to a widening gap between goods and services inflation. 

Goods inflation rose to 4.2% in September, from 3.8% in August, but remained significantly below the 11.2% recorded in September 2025. 

Services inflation, however, eased slightly to 8.3%, from 8.6% in August, but remained well above the 4.8% recorded a year earlier. 

“But here is what stands out when it comes to services. A year ago, services inflation was only 4.8%. What does this mean? So, services are now rising about twice as fast as goods.” 

Month-on-month, services prices increased by 0.8% in September, compared with 0.4% in August. 

Housing and utilities record highest inflation 

Among the 13 divisions of spending, housing, water, electricity, gas and other fuels recorded the highest inflation rate at 10.3%, although this was down from 11.6% in August. 

The division contributed about 26% to overall inflation. 

“Housing, water, electricity, gas and other fuels has the highest rates of all the 13 divisions at 10.3 percent, down from 11.6 percent in August. It contributed about 26 percent to the September 2026 inflation.” 

Restaurants and hotels recorded inflation of 9.2%, while transport inflation stood at 7%. 

The September figures show that although Ghana’s inflation rate has fallen sharply over the past year, price pressures have begun to build again in recent months, with the annual rate increasing from 4.6% in July to 5.0% in August and now 5.2% in September.