Inflation rises for third consecutive month to 5.3% in June

Ghana’s inflation rate has increased for the third consecutive month, rising to 5.3% in June 2026 from 3.7% recorded in May, according to the latest Consumer Price Index (CPI) released by the Ghana Statistical Service (GSS).

The latest figures show a slowdown in the month-on-month rate of price increases, even as the broader yearly trend points to renewed inflationary pressure.

The data also highlights a shift in cost pressures from goods to services, with transport and housing-related expenses emerging as key drivers.

The Government Statistician, Dr. Alhassan Iddrisu, presented the CPI report on Wednesday, July 1, explaining the changing dynamics behind the inflation movement.

"Year-on-year inflation rose to 5.3% in June from 3.7% in May, marking a third consecutive increase. While inflation remains much lower than the 13.7% recorded a year ago, the recent upward trend deserves close attention," he noted in the presentation.

He noted that while month-on-month inflation slowed to 0.2% from 1.1% in the previous month, underlying pressures remain uneven across sectors of the economy.

Dr. Iddrisu explained that services inflation is now outpacing goods, with transport costs contributing significantly due to increases in fares.

He added that domestic factors remain the primary drivers of inflation.

"The shape of inflation is changing. Services now run at 9.4% against goods at 3.7%, and transport has jumped to 9.1% on higher bus and trotro fares to become the second largest inflation driver after food," noted the Government Statistician.

He further observed that most of the inflationary pressure is locally driven, with food systems, transport networks and supply chain inefficiencies playing a central role in price movements.