Inflation rises to 5.3% in June, but remains far below last year’s level

Ghana’s year-on-year inflation rate increased to 5.3% in June 2026, up from 3.7% recorded in May, marking the third consecutive monthly rise after hitting a low of 3.2% in March this year. However, inflation remains significantly lower than the 13.7% recorded in June 2025.

According to the latest Consumer Price Index (CPI) report released by the Ghana Statistical Service on July 1, consumer prices rose by just 0.2% between May and June, down from the 1.1% monthly inflation recorded in May.

The report noted that while headline inflation edged upward, the broader disinflation trend remains intact.

“Headline inflation rose to 5.3% in June 2026 from 3.7% in May, still far below 13.7% a year earlier,” the Service stated. It added that “consumer prices increased only 0.2% month-on-month between May and June 2026.”

Non-food items drive inflation surge
The latest rise in inflation was largely driven by non-food items, which accounted for 68.5% of headline inflation.

Non-food inflation climbed to 6.3% in June from 4.1% in May, while food inflation increased modestly from 3.3% to 3.9%.

The Statistical Service observed that “food inflation increased to 3.9% YoY from 3.3%, contributing 31.5% of headline inflation,” while “non-food climbed to 6.3% YoY and contributed 68.5% to the June inflation.”

Services inflation, though easing slightly from 9.9% to 9.4%, continued to outpace goods inflation, which rose sharply from 1.4% to 3.7%.

Locally produced goods remain key pressure point

The report highlighted locally produced goods as the biggest source of inflationary pressure.

Inflation for locally produced items rose to 6.7% from 5.0% in May and accounted for 86.6% of headline inflation, compared to imported items, which recorded inflation of 2.3%.

“Locally produced items reached 6.7% and drove 86.6% of inflation; imported items rose 2.3%,” the report stated.

Transport emerges as major inflation driver

Among the major expenditure divisions, food and non-alcoholic beverages remained the largest contributor to inflation, accounting for 31.5% of the overall rate. Transport emerged as the second-largest driver after recording a dramatic increase in annual inflation from -2.8% in May to 9.1% in June.

The report described transport as the “biggest mover” in June, noting that it had become the second-largest contributor to headline inflation.

Bus and trotro fares were identified as the single largest driver of inflation, contributing 10.5% to the overall rate, followed by rent payments at 8.4% and secondary school fees at 7.2%.

Sharp regional disparities
Inflation varied considerably across the country, with the North East Region recording the highest year-on-year inflation rate of 10.2%, while Bono East recorded negative inflation of -4.4%, indicating falling prices.

The Statistical Service noted that “North East led regions at 10.2%, Bono East was lowest at -4.4%.”

Ashanti Region recorded inflation of 7.8%, while Greater Accra posted 5.8%. Together, the two regions accounted for approximately 63% of headline inflation.

Ginger tops inflation chart
At the commodity level, ginger recorded the highest annual inflation rate at 102.5%, followed by shrimps at 90.8% and mangoes at 87.2%. On the other hand, kontomire recorded the steepest price decline at -38.0%, followed by garden eggs at -33.1% and maize at -32.1%.

Summing up the June inflation outlook, the Statistical Service said: “Disinflation remains intact, but June requires attention to non-food, services, and local supply dynamics.”