The country’s year-on-year inflation rate for the second consecutive time inched up to 3.7 per cent in May amidst rising fuel cost and uncertainties in the global economy.
Inflation rose to 3.7 per cent in May from 3.4 per cent in April 2026 and on month-on-month inflation rose to 1.1 per cent in May from 1.0 per cent in April.
The Government Statistician, Dr Alhassan Iddrisu, speaking at a press conference in Accra on Wednesday, said the Consumer Price Index (CPI) for May 2026 stood at 270.2, up from 260.5 recorded in May 2025.
He explained that the increase translated into a year-on-year inflation rate of 3.7 per cent, indicating that, on average, prices of goods and services increased by 3.7 per cent over the 12-month period.
Despite the recent uptick, he described the overall inflation trend as encouraging, pointing out that inflation had declined significantly from 18.4 per cent in May 2025 to 3.7 per cent in May 2026.
“The sustained decline over the past year reflects improving price stability and signals that the economy is on a firmer path towards macroeconomic stability,” he stated.
He said food inflation increased to 3.3 per cent in May from 2.2 per cent in April, with food prices rising by 2.0 per cent within the month under review.
Non-food inflation, however, he said eased marginally to 4.1 per cent from 4.2 per cent recorded in April, although prices in the category still increased by 0.4 per cent on a month-to-month basis.
Dr Iddrisu said inflation for goods rose to 1.4 per cent in May from 1.1 per cent in April. Goods prices increased by 0.8 per cent during the month.
Services inflation, the Government Statistician said also recorded an increase, rising from 9.6 per cent in April to 9.9 per cent in May. On a monthly basis, prices of services went up by 0.9 per cent.
He said inflation for locally produced items rose to 5.0 per cent from 4.7 per cent in April, while inflation for imported items increased from 0.5 per cent to 0.9 per cent over the same period.
The Government Statistician attributed some of the inflationary pressures to rising fuel prices and prevailing uncertainties in the global economy, which continue to affect production and transportation costs.
At the regional level, he said inflation remained uneven across the country. The North East Region recorded the highest inflation rate of 10.1 per cent, while the Savannah Region registered the lowest rate of negative 3.0 per cent.
Dr Iddrisu said factors such as local supply conditions, transportation costs and market accessibility could be contributing to the regional differences.
The Government Statistician urged businesses to improve operational efficiency, strengthen local supply chains and reduce avoidable costs in order to ease pressure on consumers.
He also advised households to monitor their spending, prioritise essential purchases, avoid unnecessary expenditure and cultivate a savings habit.
For the government, Dr Iddrisu stressed the need to maintain fiscal discipline while increasing investments in food systems, particularly storage, irrigation and transportation infrastructure. He also called for measures to address regional inequalities in market access and distribution networks.
He expressed optimism that with prudent economic management and sustained efforts to improve productivity, the country could maintain the current gains and keep inflation within manageable levels in the months ahead.
BY KINGSLEY ASARE
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