Ghana’s annual inflation rate rose for a third consecutive month in October, reaching 5.5% from 5.2% in September, the Ghana Statistical Service (GSS) announced on Wednesday, November 4.
The increase was driven by non-food items, particularly transport, housing and utilities. Food inflation fell from 4% to 2.8%, while non-food inflation climbed from 6.2% to 7.9%.
Presenting the figures at a GSS news conference streamed live online, Government Statistician Dr Alhassan Iddrisu said: “In very simple language, of every one Ghana cedi price rise in October 2026, about 76 pesewas came from non-food items, and 24 pesewas came from food.”
Inflation has increased every month since July, when it was 4.6%. It rose to 5% in August and 5.2% in September, although October’s rate remained 2.5 percentage points below the 8% recorded in October 2025.
Services inflation rose sharply from 8.3% to 11.5%, while goods inflation eased from 4.2% to 3.8%. “Services are now rising about three times as fast as goods,” Dr Iddrisu said.
Transport recorded the highest inflation rate among the 13 divisions in the consumer basket, rising to 14.1% from 5.7%. Prices in the division increased by 8% during October, following an 8% rise in lorry fares agreed by the Ghana Private Road Transport Union (GPRTU) and the Ministry of Transport. The new fares took effect on Saturday, September 26.
Housing, water, electricity, gas and other fuels recorded inflation of 10.5% and made the largest contribution to the overall rate, at 24.4%. Food and non-alcoholic beverages contributed 24.3%, while transport accounted for 22.5%.
“Just these three divisions out of the 13 divisions contributed about 70% to October 2026 inflation,” Dr Iddrisu said.
Prices fell by 0.1% between September and October, compared with a 1.1% monthly increase previously. Food prices declined by 2% over the month. Food inflation, which stood at 9.5% in October 2025, has fallen by more than two-thirds in a year.
Fresh tomatoes recorded the largest annual increase, at 119.3%, followed by shrimps at 88.8% and ginger at 88.2%. Prices of parking space and related services rose by 47.2%, while mango prices increased by 45.3%. However, Guinea corn fell by 28%, maize by 27.2%, foreign apples by 24.5% and lime by 23.7%.
Tomato traders in the Ashanti Region said on Tuesday that prices had dropped significantly, although buyers remained reluctant.
Inflation for locally produced items rose from 6.4% to 6.9%, while imported inflation remained at 2.4%. Local products accounted for 86.4% of October’s inflation, despite the cedi losing about 10% against the dollar this year.
Ashanti recorded the highest regional rate, at 9.7%, followed by Eastern at 7.8%, Ahafo at 6.8% and Central at 6.2%. Northern recorded the lowest rate, at minus 0.5%, indicating that average prices there were lower than a year earlier.
“Where you live actually changes what you pay. In other words, inflation is not the same everywhere in Ghana,” Dr Iddrisu said.
The rate remains below the Bank of Ghana’s medium-term target of 8%, plus or minus 2 percentage points. The lower limit of that range is 6%.
The central bank’s Monetary Policy Committee (MPC) kept its policy rate at 14% on Thursday, September 24, for a third consecutive meeting. In its September statement, it said inflation was expected to move into the target band over the next few quarters.
The MPC cited rising ex-pump petroleum prices and their impact on transport fares, higher utility tariffs and a stronger US dollar as upward risks. It will meet from Monday, November 16, and announce its decision on Wednesday, November 18.
The Ghana Reference Rate fell to 10.01% for November, its lowest level this year, effective from Wednesday. Finance Minister Dr Cassiel Ato Forson is due to present the 2027 Budget to Parliament on Thursday, November 12, including the government’s growth and inflation targets for next year.
Dr Iddrisu said the detailed regional and product figures would help households plan spending, companies set prices and the government direct support towards areas facing the fastest price rises.
