Ghana’s inflation rate rose to 3.7% in May 2026, recording a second consecutive monthly increase.
Speaking at the release of the May Consumer Price Index (CPI), Government Statistician Dr. Alhassan Iddrisu said annual inflation increased from 3.4% in April to 3.7% in May, a rise of 0.3 percentage points.
“In plain language, the goods and services that an average household buys cost 3.7% more in May 2026 than they did in May 2025,” he explained.
Data from the Ghana Statistical Service showed that the Consumer Price Index climbed to 270.2 in May 2026, up from 260.5 in May 2025.
While inflation has increased slightly in recent months, Dr. Iddrisu stressed that the overall trend remains positive. Inflation stood at 18.4% in May 2025, meaning the rate of price increases has slowed significantly over the past year.
“In the space of 12 months, the rate of price increases has fallen by a remarkable 14.7 percentage points. That is one of the most encouraging stories in these numbers we are releasing today,” he said.
The decline in inflation, he noted, has eased the strain on household spending compared to a year ago.
“The pressure that was squeezing household budgets so painfully a year ago has eased dramatically,” Dr. Iddrisu stated.
However, he cautioned that the latest figures point to a modest return of price pressures.
“Compared with April 2026, when inflation was 3.4%, the May figure of 3.7% is a rise of 0.3 percentage points. This is the second small uptick in inflation since December 2024,” he said.
On a month-on-month basis, prices increased by 1.1% between April and May 2026.
Despite the recent rise, Dr. Iddrisu emphasised that the broader inflation trend remains encouraging.
“The long-term trend is firmly downward and reassuring, but in the most recent months prices ticked up a little. Both insights are true, and we report both because our duty is to give you the full and honest picture,” Dr. Iddrisu added.
