Ghana’s annual inflation rate declined further to 4.6 percent in July 2026, reinforcing the country’s steady return to price stability as softer food prices continued to moderate the overall pace of increases in consumer costs.
Fresh figures published by the Ghana Statistical Service revealed that the annual Consumer Price Index eased from 5.3 percent in June to 4.6 percent in July, representing a decline of 0.7 percentage points within a month. Compared with the corresponding period in 2025, when inflation stood at 12.1 percent, the latest reading represents a substantial reduction of 7.5 percentage points, demonstrating sustained progress in containing inflationary pressures across the economy.
Government Statistician Dr. Alhassan Iddrisu explained that although the general level of prices continues to rise, the rate of increase has slowed considerably compared with the same period last year, reflecting a continued easing of inflationary conditions throughout the country.
Monthly inflation also weakened further, slowing from 0.2 percent in June to just 0.1 percent in July, indicating that consumer prices remained almost unchanged during the review period. Meanwhile, the Consumer Price Index advanced to 271.1 in July from 259.1 in June, reflecting movements in the overall price level based on Ghana’s 2021 CPI basket.
The moderation in headline inflation was largely driven by a sustained decline in food prices. Annual food inflation eased to 3.1 percent in July from 3.9 percent in June, while monthly food inflation slipped to negative 0.1 percent, indicating that average food prices recorded a slight decline during the month. According to the Ghana Statistical Service, the latest figures confirm that households are beginning to experience genuine relief in food costs as slower food inflation continues to reduce pressure on family budgets.
Several staple food commodities recorded remarkable price reductions over the past twelve months. Kontomire registered the sharpest decline with an average price reduction of 41.2 percent, followed by garden eggs at 34.5 percent, maize at 32.9 percent, pawpaw at 26.8 percent, millet at 26.4 percent, guinea corn or sorghum at 22.3 percent, beans at 20.6 percent, lime at 19.8 percent, locally produced rice at 16.0 percent and Bambara beans at 15.7 percent.
Despite the broader moderation in food inflation, several products continued to record substantial price increases. Ginger experienced the most significant surge after its average price more than doubled over the past year, increasing by 111.3 percent. Mangoes followed with an annual increase of 89.0 percent, while shrimps climbed by 67.1 percent. Bananas recorded a rise of 45.9 percent, fresh tomatoes increased by 43.4 percent, fresh coconut advanced by 39.2 percent, avocado pear appreciated by 32.9 percent, palm fruits rose by 32.7 percent, cashew registered an increase of 29.1 percent and parking related services expanded by 28.3 percent.
The Statistical Service observed that the national inflation rate conceals considerable variations among individual products because while several commodities have become significantly cheaper, others continue to experience pronounced price increases.
Although food inflation continued to moderate, nonfood items remained the principal source of inflationary pressure. Annual nonfood inflation eased slightly to 6.1 percent from 6.3 percent recorded in June. According to the Ghana Statistical Service, nonfood goods and services accounted for 67.6 percent of total inflation during July, implying that out of every one Ghana cedi increase in consumer prices, approximately sixty eight pesewas originated from nonfood categories including transportation, accommodation, rental charges, education, healthcare, insurance and numerous other services.
On a monthly basis, nonfood inflation edged upward to 0.5 percent from 0.4 percent recorded in June, suggesting that service related costs continued to exert pressure on household expenditure despite the moderation in food prices.
The Statistical Service identified the services sector as the remaining obstacle in Ghana’s inflation reduction journey. Although services inflation declined from 9.4 percent in June to 8.5 percent in July, it remained the highest among all major Consumer Price Index divisions. Transportation charges, residential rents, healthcare expenses and educational fees continued to rank among the most persistent sources of price pressure across the economy.
The largest contributors to overall inflation during July were rental payments, fresh tomatoes, ginger, prepared rice, river fish, charcoal, senior high school fees across both public and private institutions, bus and trotro transport fares, hotel accommodation charges and electricity tariffs. Together, these categories continued to exert considerable upward pressure on household spending despite the broader moderation in inflation.
Inflation for domestically produced goods continued to exceed that of imported products. Annual inflation for locally manufactured and produced items declined from 6.7 percent in June to 5.9 percent in July, whereas imported goods recorded a further easing from 2.3 percent to 2.0 percent. The Ghana Statistical Service indicated that locally produced goods account for approximately 86.7 percent of overall inflation, underscoring that prevailing inflationary pressures remain predominantly domestic rather than externally imported.
Monthly inflation for locally produced goods moderated to 0.1 percent from 0.6 percent in June, while imported goods recorded negative 0.1 percent compared with negative 0.5 percent during the preceding month.
Regional disparities also remained pronounced across the country. The North East Region recorded the highest annual inflation rate at 10.8 percent, more than twice the national average, while the Bono East Region registered the lowest rate at negative 3.8 percent, indicating that average consumer prices in the region were lower than those recorded a year earlier. According to the Statistical Service, these regional differences demonstrate that the cost of living continues to vary considerably across Ghana.
The July inflation figures reinforce Ghana’s continued progress in restoring macroeconomic stability following an extended period of elevated inflation. Annual headline inflation has now fallen dramatically from 12.1 percent in July 2025 to 4.6 percent in July 2026, reflecting sustained improvements in price stability. Although declining food prices are providing increasing relief for households and monthly inflation has slowed to virtually zero, the latest data suggest that policymakers will continue to focus closely on persistent price pressures within the services sector, particularly housing, transportation, education and healthcare, which remain the most significant contributors to household living costs.
