Ghana’s headline inflation rate edged up to 5.0% in August 2026, from 4.6% in July, although it remained significantly lower than the 11.5% recorded in August 2025.
Despite the year-on-year increase, consumer prices actually declined during the month. The cost of the Consumer Price Index (CPI) basket fell by 1.0% between July and August, driven largely by a 2.5% decline in food prices. The CPI stood at 268.5 (2021=100).
Food inflation continues to ease
Food inflation remained relatively subdued, falling to 3.0%, compared with 14.8% a year earlier.
Some key food items recorded significant price reductions during the month, with lime prices falling by 33.7% and maize by 31.3%. The continued moderation in food prices is providing relief to households and helping to contain overall inflation.
Services emerge as major inflation pressure
The main pressure point is increasingly coming from the services sector. Services inflation stood at 8.6%, more than twice the 3.8% recorded for goods.
The Housing, Water, Electricity, Gas and Other Fuels category recorded inflation of 11.6% and accounted for about 30% of the overall inflation rate, making it one of the key drivers of current price pressures.
Domestic prices drive inflation
The latest figures also indicate that inflationary pressures are largely domestic. Prices of locally produced items increased by 6.1%, compared with just 2.2% for imported items.
Locally produced goods therefore accounted for approximately 86% of the inflation rate, suggesting that domestic cost pressures are playing a much greater role than imported inflation.
Wide regional variations
Inflation also varied considerably across the country.
The Central Region recorded the highest inflation rate at 11.1%, while the Bono East Region recorded deflation of 3.3%.
The Ashanti and Greater Accra regions together accounted for 64% of the national inflation rate, highlighting the significant influence of the two regions on overall price developments.
Overall, the August figures point to a mixed inflation picture: food prices are providing substantial relief and the monthly price level declined, but persistent pressures in services and housing-related costs are keeping headline inflation elevated.
