Ghana’s annual inflation rate reaccelerated to 5.0% in August 2026, up from 4.6% in July, driven primarily by escalating transport and energy costs.
According to the Ghana Statistical Service, non-food inflation picked up to 6.8% in August from 6.1% in July, propelled by Middle East geopolitical tensions that spiked crude oil prices.
On a monthly basis, however, the Consumer Price Index fell by 1.0% in August, recording its first month-on-month decline since late 2025 after a 0.1% uptick in July.
Food inflation offered modest relief to households, easing slightly to 3.0% in August from 3.1% the previous month, as local supply helped contain broader price pressures.
Non-food items drove the bulk of price growth, with public transport fares and residential utilities adjusting upward following earlier increases in international fuel benchmarks.
The August acceleration follows a volatile period where inflation hit a six-month high of 5.3% in June before cooling in July, signaling persistent vulnerability to external commodity shocks.
The Bank of Ghana paused its rate-cutting cycle in July, keeping its benchmark policy rate at 14.0%. The latest price rebound could reinforce a cautious stance at upcoming policy meetings.
