Ghana's year-on-year inflation rate increased to 3.7% in May 2026 from 3.4% in April, representing a 0.3 percentage-point rise and the second consecutive monthly uptick.

Speaking at the release of the May Consumer Price Index (CPI), Government Statistician Dr Alhassan Iddrisu stated that despite the recent increase, overall price pressures remain significantly lower than a year ago.

According to the Ghana Statistical Service, the CPI rose to 270.2 in May 2026 from 260.5 in May 2025. On a month-on-month basis, overall prices increased by 1.1% between April and May 2026.

"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," Dr. Iddrisu explained.

He noted that inflation has fallen sharply compared to May 2025, when it stood at 18.4%.

"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, adding that "the pressure that was squeezing household budgets so painfully a year ago has eased dramatically."

However, Dr Iddrisu cautioned that the latest figures indicate a slight resurgence in 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 noted.

Concluding his remarks, Dr Iddrisu stated, "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."