Ghana’s year-on-year inflation rose to 5.2 percent in September 2026. It was 5.0 percent in August. The Ghana Statistical Service (GSS) released the figure on Wednesday, October 7, 2026, according to Graphic Online, Citi Newsroom and the Reuters report carried by CNBC Africa.
The Headline Numbers
The September rate is well below the 9.4 percent recorded in September 2025, according to the GSS figures reported by state website Graphic Online. That is a fall of 4.2 percentage points in a year.
But the direction has changed. Inflation dropped to a low of 3.2 percent in March 2026. It then moved to 4.6 percent in July, 5.0 percent in August and 5.2 percent in September, according to Asaase Radio’s account of the GSS data.
Prices also rose 1.1 percent between August and September, following a 1 percent decline in August, according to GBC Ghana Online. The Consumer Price Index stood at 271.5, with 2021 as the base year of 100, per Graphic Online.
Government Statistician Dr Alhassan Iddrisu presented the data at an online press briefing. He described the September figure as the second consecutive monthly rise, according to Citi Newsroom.
Food Prices
Food inflation rose to 4.0 percent in September. In August it was 3.0 percent. The Government Statistician put the gap with last year in plain terms, as quoted by Citi Newsroom: “But a year ago, food inflation was 11 percent, so food prices are rising far more slowly than they were a year ago.”
Food prices rose 1.5 percent over the month. They had fallen 2.6 percent in August, according to GBC Ghana Online. So part of September’s rise is a bounce back from August’s drop.
Non-Food Items Still Drive Most of the Rate
Non-food inflation eased to 6.2 percent from 6.8 percent in August. A year ago it was 8.2 percent, according to Citi Newsroom.
Yet non-food items still account for most of the rate. The Government Statistician said, as quoted by Citi Newsroom: “Which of the two categories is driving inflation? The answer is non-food. It accounts for about 63 percent of inflation in September while food accounts for about 37 percent.”
Some reports lead with food rising. Others lead with non-food easing. Both are true. Food inflation went up. Non-food inflation came down. Non-food is still the bigger contributor.
The Services Story
This is the most useful detail for household budgets. Services inflation stood at 8.3 percent, down from 8.6 percent. Goods inflation was 4.2 percent, up from 3.8 percent, according to Graphic Online.
The Government Statistician said, per hotdigitalonline’s report of the briefing: “So, services are now rising about twice as fast as goods.”
Two service categories stood out in Citi Newsroom’s report. Restaurants and hotels recorded inflation of 9.2 percent. Transport stood at 7 percent.
The Reuters report carried by CNBC Africa quotes the GSS presentation: “Inflation is now a home-grown, services story.” It adds that about 86 percent of Ghana’s inflation comes from goods and services made in the country.
Local Versus Imported
Graphic Online reports that locally produced items recorded inflation of 6.4 percent. They accounted for 85.7 percent of the total rate. Imported items rose by 2.4 percent.
In short, the pressure is mostly coming from inside the economy. It is not mainly coming from imports.
Where You Live Matters
Inflation was not the same everywhere. Graphic Online reports that the range ran from negative 0.5 percent in the Western Region to 9.8 percent in the Ashanti Region.
A negative rate means prices in the Western Region were slightly lower than a year earlier. A household in Kumasi and a household in Takoradi are likely to feel very different things.
What the Central Bank Said
The Bank of Ghana held its policy rate at 14 percent on September 24, according to The Rio Times. The vote was unanimous. It was the third hold this year.
Reuters, as carried by CNBC Africa, reports that the central bank said inflation was expected to move up into its 6 to 10 percent target band over the next few quarters. Graphic Online reports the Government Statistician noting that inflation remained below the lower bound of the bank’s medium-term target band.
What This Could Mean for Your Budget
According to Michael Agyapong Agyapa Myroyalfm.com reporter, if services are rising fastest, the costs most likely to climb are the ones you pay someone else for. That includes eating out and getting around.
On transport, public fares went up by 8 percent from Saturday, September 26, 2026, following consultations between the Ministry of Transport and operators, according to MyJoyOnline. That rise came after the September survey period, so it may show up in later inflation data. We have not confirmed that.
Fuel is another thing to watch. The Pulse Ghana report on COPEC’s projection says petrol could reach GH¢17.78 and diesel GH¢22.42 per litre from October 1. That is a projection, not a confirmed pump price.
Households can do three simple things:
Track the services you pay for each month. Eating out, transport and similar costs are where the data points.
Compare prices across your own area. Regional gaps are wide.
Treat a 5.2 percent national rate as an average. Your own rate may be higher or lower.
