Inflation is expected to remain stable with a slight upside bias for the September 2026 print, IC Insights has revealed in its latest report dubbed “Ghana August 2026 Inflation: A rebound without the heat”.

Inflation for fresh tomatoes increased sharply to 158.3% year-on-year in August 2026.

The research firm said while it expected an increase due to a likely modest harvest this year, it views the surge as a one-off shock that will gradually decay in the months ahead.

“This will normalise food inflation pressure with a potential downward pressure as more harvests hit the food market. We expect this to further cool the food price pressure with downside scope for food inflation”.

However, it warned that the renewed upward pressure on energy prices due to the escalation of the Middle East war will sustain the emerging pressure in non-food inflation to potentially offset food price disinflation.

Against this backdrop, it forecast annual headline inflation to print at 5.1% ±0.5 percentage points for September 2026, while the month-on-month rate rises to 1.0%.

The consumer price inflation expectedly quickened in August 2026. It increased by 40 basis points to 5.0% year-on-year.

Food inflation delivered a sluggish decline to 3.0% year-on-year.

Although only three out of the 15 sub-groups witnessed higher inflation, the heavy-weight vegetables & tubers surged by 710 basis points to 12.4%, followed by ready-made food inflation at 15.5%.

Non-food inflation expectedly accelerated by 70 basis points to 6.8% year-on-year, largely due to unfavourable base effect and accounted for 70.9% of the rise in headline inflation.