Ghana's inflation rate increased to 3.7% in May 2026, marking a second consecutive monthly rise, although overall price pressures remain significantly lower than a year ago.

Speaking at the release of the May Consumer Price Index (CPI), Government Statistician Dr. Alhassan Iddrisu said the country's year-on-year inflation rate rose from 3.4% in April to 3.7% in May, representing a 0.3 percentage-point increase.

"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.

According to the Ghana Statistical Service, the Consumer Price Index rose to 270.2 in May 2026 from 260.5 in May 2025.

Despite the recent increase, Dr. Iddrisu noted that inflation has fallen sharply compared to the same period last year 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.

He added that the easing inflationary environment has significantly reduced pressure on household budgets 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 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 said.

On a month-on-month basis, overall prices increased by 1.1% between April and May 2026.

"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.