Ghana’s annual inflation rate climbed to 5.5 per cent in October 2026, up from 5.2 per cent recorded in September, extending the country’s inflationary trajectory to three successive monthly increases since July.
Government Statistician, Dr Alhassan Iddrisu, has attributed much of the latest increase to persistent price pressures within the non food sector, which accounted for approximately 76 per cent of overall inflation, while food related costs contributed the remaining 24 per cent.
Addressing the October 2026 Consumer Price Index and Inflation Report presentation, Dr Iddrisu explained that escalating costs within the services industry had played a significant role in pushing the national inflation figure upwards.
He illustrated the development by explaining that out of every GH¢1 increase in prices during October, approximately 76 pesewas originated from non food commodities and services, whereas food items accounted for 24 pesewas.
Despite the overall upward movement in inflation, food price pressures recorded a considerable moderation during the period. Food inflation declined to 2.8 per cent in October, compared with 4 per cent in September and 9.5 per cent in October 2025.
On a monthly basis, food prices fell by 2 per cent, helping to produce an overall 0.1 per cent reduction in average prices between September and October.
However, the services sector experienced a substantial acceleration in inflation, with its rate rising to 11.5 per cent from 8.3 per cent in the preceding month. Goods inflation, conversely, moderated to 3.8 per cent from 4.2 per cent.
Dr Iddrisu observed that the figures revealed a widening difference between price movements in the services and goods categories, noting that services were now becoming more expensive at approximately three times the pace recorded for goods.
Transport emerged as the most significant category of price increases among the 13 expenditure divisions, recording an inflation rate of 14.1 per cent in October, compared with 5.7 per cent in September. The sector also experienced an 8 per cent increase in prices within the month, highlighting the growing financial burden associated with transportation.
Housing, water, electricity, gas and other fuels recorded inflation of 10.5 per cent, making the category the largest individual contributor to the national inflation figure, with a share of 24.4 per cent.
Food and non alcoholic beverages followed closely, contributing 24.3 per cent, while transport accounted for another 22.5 per cent. Collectively, the three expenditure divisions were responsible for approximately 70 per cent of Ghana’s inflation rate in October.
Dr Iddrisu emphasised that the concentration of inflationary pressures within these three categories demonstrated their considerable influence on the overall movement of consumer prices.
The report further revealed a marked distinction between the inflationary impact of domestically produced commodities and imported products. Locally manufactured and produced items registered inflation of 6.9 per cent, significantly exceeding the 2.4 per cent recorded for imported goods.
Domestic products also accounted for 86.4 per cent of the October inflation figure, reinforcing their dominant contribution to price movements within the Ghanaian economy.
The regional assessment equally exposed substantial differences in inflation across the country, with the Ashanti Region recording the highest annual rate of 9.7 per cent.
The Eastern Region followed with 7.8 per cent, while Ahafo and Central recorded 6.8 per cent and 6.2 per cent respectively. At the opposite end of the regional rankings, the Northern Region registered negative inflation of 0.5 per cent, indicating that average consumer prices were lower than their corresponding levels in October 2025.
Commenting on the geographical variations, Dr Iddrisu explained that the cost of living differed considerably depending on where consumers resided, stressing that inflation did not affect every part of Ghana equally.
At the individual commodity level, fresh tomatoes experienced the steepest annual price increase, surging by 119.3 per cent. Shrimps followed with an increase of 88.8 per cent, while ginger prices climbed by 88.2 per cent.
Other notable increases were recorded in parking spaces and associated services, which rose by 47.2 per cent, alongside mangoes, which became 45.3 per cent more expensive over the twelve month period.
Nevertheless, several essential food commodities experienced substantial price reductions. Guinea corn recorded the largest decline at 28 per cent, followed by maize at 27.2 per cent. Imported apples and limes also became cheaper, registering decreases of 24.5 per cent and 23.7 per cent respectively.
Dr Iddrisu maintained that the latest inflation statistics should serve as an important reference point for households, commercial operators and government policymakers as they make decisions concerning expenditure, operational costs and economic interventions.
He explained that households could rely on the detailed figures to improve their budgeting decisions, while businesses could use the information to reassess operating expenses, pricing strategies and financial projections. Policymakers, meanwhile, could identify regions and economic sectors experiencing disproportionate price increases and direct appropriate interventions towards them.
Although October’s inflation rate represented a third consecutive monthly increase, the 5.5 per cent reading remained below the Bank of Ghana’s medium term inflation target of 8 per cent, with an acceptable margin of two percentage points on either side.
The Government Statistician consequently encouraged stakeholders to make greater use of the Ghana Statistical Service’s detailed inflation information, particularly its sectoral, regional and commodity specific breakdowns, to obtain a more accurate understanding of prevailing economic conditions and promote decisions grounded in reliable statistical evidence.
