Key Takeaways
- Ghana’s inflation jumped to 5.3% in June, up from 3.7% in May
- Transport fares, rent, and school fees were the main drivers
- The rise marks a third straight monthly increase, though prices remain far below year-ago levels
Ghana’s inflation rate has risen for a third consecutive month, nearly doubling from its May reading on the back of higher transport costs, rents, and school fees.
The Ghana Statistical Service, in data released on Tuesday in Accra, said the country’s year-on-year inflation rate climbed to 5.3 per cent in June 2026, up from 3.7 per cent in May, marking a 1.6 percentage point increase largely driven by rising non-food prices. T
hree consecutive months of increases, even from a low base, can signal that the disinflationary trend a country has relied on is beginning to lose momentum.
Despite the increase, inflation remains significantly lower than the 13.7 per cent recorded in June 2025, indicating that price pressures are still easing compared to the same period last year. The GSS said the Consumer Price Index rose to 270.8 in June from 257.3 in the corresponding period a year ago.
On a month-on-month basis, however, inflation slowed to 0.2 per cent, down from 1.1 per cent in May, suggesting that while prices continued to rise, the pace of increase moderated.
What is pushing prices up
Non-food inflation remained the main driver of overall price increases, climbing to 6.3 per cent from 4.1 per cent in May and accounting for 68.5 per cent of total inflation.
The breakdown tells a story of rising costs in areas that households cannot easily avoid. Transport fares recorded the highest contribution, accounting for 10.5 per cent of headline inflation. Rents followed at 8.4 per cent, while secondary school fees contributed 7.2 per cent.
The non-food category was largely driven by services inflation, which stood at 9.4 per cent, reflecting continued pressure in the services sector.
Food inflation also moved higher, edging up to 3.9 per cent from 3.3 per cent the previous month.
Locally produced items recorded a year-on-year inflation rate of 6.7 per cent, up from 5.0 per cent in May, contributing 86.6 per cent of headline inflation. In contrast, inflation for imported goods rose to 2.3 per cent from 0.9 per cent. The outsized contribution of locally produced goods points to domestic cost pressures — wages, energy, and transport — rather than import price shocks as the primary force behind the June increase. Services inflation stood at 9.4 per cent, although it eased slightly from 9.9 per cent in May.
A Mixed Regional Picture
Regionally, the North East Region recorded the highest inflation rate in June at 10.2 per cent, while the Bono East Region recorded the lowest at -4.4 per cent, reflecting a decline in average prices over the period.
The wide gap between regions points to the uneven nature of Ghana’s price dynamics, with local supply conditions, transport accessibility, and market structure all playing a role in how inflation is felt at the regional level.
The three consecutive monthly increases will keep pressure on the Bank of Ghana’s monetary policy committee, which has been managing rate decisions against a backdrop of falling but still elevated inflation.
Ghana’s IMF-supported recovery programme has anchored fiscal and monetary policy since 2023, and any sustained reversal of the disinflation trend would complicate that framework.
