Ghana’s inflation rate rose to 3.7% in May, marking the second consecutive monthly increase and signalling a possible end to the country’s recent disinflation trend.
New figures released by the Ghana Statistical Service show that rising food prices were the main factor behind the increase, although overall inflation remains significantly lower than a year ago.
Ghana’s headline inflation rate increased from 3.4% in April to 3.7% in May, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service on Wednesday.
The 0.3 percentage-point rise represents the second consecutive monthly increase after several months of declining inflation and suggests that price pressures may be gradually returning to the economy.
On a monthly basis, inflation also edged higher, rising to 1.1% in May from 1.0% in April.
Food prices were the biggest driver of the latest increase. Inflation for Food and Non-Alcoholic Beverages rose sharply to 3.3% in May, up from 2.2% the previous month.
Monthly food inflation also accelerated, increasing to 2.0% from 0.8% in April, indicating growing pressure on household budgets.
In contrast, non-food inflation eased slightly to 4.1% from 4.2%, suggesting that broader price pressures outside the food sector remain relatively contained.
The data show that locally produced goods accounted 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 comparatively low at 0.9%, despite a slight increase from the previous month.
By sector, services recorded the highest inflation rate at 9.9%, significantly above the 1.4% recorded for goods, highlighting continuing cost pressures within the services industry.
Regional figures revealed significant variations across the country. The North East Region recorded the highest inflation rate at 10.1%, while the Savannah Region experienced deflation, with prices falling by 3.0%.
Despite the recent increases, inflation remains far below the 18.4% recorded in May 2025. The Ghana Statistical Service said the sharp decline over the past year points to an overall improvement in macroeconomic stability, although the recent rise in food prices may require close monitoring in the months ahead.
Source: www.kumasimail.com
