Ghana’s inflation rate increased for the second consecutive month in May 2026, climbing to 3.7% from 3.4% recorded in April, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service.

The 0.3 percentage-point increase signals a gradual build-up in price pressures after months of sustained disinflation, although inflation remains significantly lower than the 18.4% recorded in May 2025.

Data released on Wednesday, June 3, also showed that month-on-month inflation edged up to 1.1% from 1.0% in April.

The latest rise was largely driven by food prices, with inflation for Food and Non-Alcoholic Beverages increasing sharply to 3.3% in May from 2.2% the previous month.

Monthly food inflation also accelerated to 2.0%, nearly doubling from 0.8% in April, highlighting renewed pressure on household spending.

Non-food inflation, however, eased marginally to 4.1% from 4.2%, suggesting that food items were the primary drivers of the overall increase in inflation.

The report further indicated that locally produced goods continued to account for most of the inflationary pressures. Inflation for local products rose to 5.0% in May from 4.7% in April and contributed more than 92% of the overall inflation rate.

Imported inflation remained relatively subdued at 0.9%.

By classification, services recorded the highest inflation rate at 9.9%, compared with 1.4% for goods, reflecting persistent price pressures within the services sector.

At the regional level, the North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region registered deflation of 3.0%.

Despite the recent uptick, inflation has fallen sharply over the past year, dropping from 18.4% in May 2025 to 3.7% in May 2026, pointing to broader improvements in macroeconomic stability even as food prices begin to show renewed signs of pressure.