Ghana’s inflation rate declined to 4.6% in July 2026, marking the first drop after three consecutive months of increases and signalling a slowdown in the pace of price increases across the economy.

The latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Thursday, August 6, 2026, showed that headline inflation fell from 5.3% in June to 4.6% in July, representing a 0.7 percentage-point decline.

The slowdown was largely driven by lower food inflation, which dropped to 3.1% in July from 3.9% the previous month. Non-food inflation also eased slightly to 6.1%, down from 6.3% in June.

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The report further showed that inflation in the services sector declined to 8.5% from 9.4%, indicating slower increases in the cost of services.

Government Statistician Dr Alhassan Iddrisu said food and non-alcoholic beverages remained the biggest contributors to headline inflation despite the decline.

“Food and non-alcoholic beverages remained the single largest contributor to headline inflation, accounting for 32.4% of overall price movements across the 13 divisions of the Consumer Price Index,” he said.

According to the report, locally produced goods recorded an inflation rate of 5.9%, compared with 2.0% for imported goods.

The lower inflation rate for imported items reflects reduced external price pressures, supported by the relative stability of the cedi and softer global inflation.

The data also revealed significant regional differences. The North East Region recorded the highest inflation rate at 10.8%, while the Bono East Region posted the lowest rate at negative 3.8%, meaning prices in the region were lower than they were during the same period last year.

The latest figures strengthen expectations that inflation could remain within the Bank of Ghana’s medium-term target band of 8±2%, if current economic conditions, exchange-rate stability and prudent fiscal policies are maintained.

ANAS/MA

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