Inflation Rises Marginally To 3.4% In April

Ghana’s inflation rate edged up to 3.4 percent in April 2026, marking the first increase since December 2024, as rising costs in services and utilities began to exert fresh pressure on the cost of living.

Presenting the latest Consumer Price Index (CPI) data, Government Statistician, Dr Alhassan Iddrisu, said although inflation remains relatively low, early signs of upward momentum are emerging.

“In simple terms, prices are 3.4 percent higher than they were a year ago,” he explained, adding that month-on-month inflation stood at 1 percent, indicating a gradual increase in prices between March and April 2026.

The CPI rose to 267.3 in April 2026 from 258.6 in April 2025. Despite the slight uptick, Dr Iddrisu noted that inflation had dropped sharply by 17.8 percentage points compared to the same period last year, pointing to an overall environment of relative price stability.

“This is the first increase since December 2024. So while inflation is rising slightly, it is still at a relatively low level compared to recent history,” he said.

Food prices ease, but pressure builds elsewhere

A breakdown of the data shows that food inflation declined marginally to 2.2 percent in April from 2.3 percent in March, offering some relief to households. However, month-on-month figures indicate a 0.8 percent rise in food prices, suggesting renewed short-term pressures.

Dr Iddrisu highlighted that while some staple items have become cheaper over the past year, others remain expensive.

Prices of vegetables and plantains dropped significantly, while cereals also recorded declines, easing pressure on household budgets. However, ready-made food and fish continued to record high inflation rates of 10.1 percent and 11 percent respectively.

“This means that while overall food inflation is falling, key everyday items are not necessarily getting cheaper,” he noted. Non-food inflation, on the other hand, increased to 4.2 percent from 3.9 percent, driven largely by rising costs in services.

Services inflation surges

One of the most notable trends in the April data is the sharp increase in services inflation, which rose to 9.6 percent from 7.2 percent in March. According to the Government Statistician, this reflects increasing costs in areas such as transport, education, restaurants, and accommodation.

“This tells us that services are becoming more expensive and are now a major driver of inflation,” he said. In contrast, goods inflation slowed to 1.1 percent, down from 1.7 percent the previous month, providing some relief to consumers since goods account for nearly 75 percent of the consumption basket.

Housing and utilities remain top drivers

From a sectoral perspective, housing, water, electricity, gas and other fuels remained the largest contributor to inflation, accounting for 37 percent of the total.

The category recorded a year-on-year inflation rate of 12.4 percent, with prices continuing to rise on a monthly basis. Food and non-alcoholic beverages followed, contributing 28 percent, while education services accounted for 15 percent of total inflation. Restaurants and accommodation services also recorded increased pressure, with inflation rising to 7.5 percent.

Regional disparities persist

The data also revealed significant regional differences in inflation, underscoring how price changes vary across the country. The North East Region recorded the highest inflation at 9.5 percent, followed by Ashanti (5.6%), Volta (4.7%), Eastern (4.5%) and Greater Accra (4.4%).

Dr Iddrisu noted that these five regions alone accounted for about 95 percent of total inflation in April, indicating that price pressures are highly concentrated rather than widespread.

Greater Accra contributed 37.3 percent to overall inflation, while Ashanti accounted for 35.4 percent, meaning the two regions together drove over 70 percent of the national figure.

“This tells us that where you live strongly influences how you experience inflation,” he explained. He added that the concentration of inflation in a few regions has important policy implications, suggesting that targeted interventions could be more effective in controlling prices.

The report further showed that inflation for locally produced items declined slightly to 4.7 percent, while imported inflation rose to 0.5 percent from negative 0.6 percent in March. This suggests improving local supply conditions alongside a gradual increase in imported prices.

Outlook

Dr Iddrisu said the current data points to a stable inflation environment with emerging risks. “Inflation remains low overall, but we are beginning to see a slight upward movement,” he said, warning that short-term price pressures could build if supply conditions change.

He emphasised that inflation affects every aspect of daily life, from food and transport to rent and business decisions, making it critical for policymakers and households alike to monitor trends closely. “Our goal is to explain what is happening to prices, why it is happening, and what it means for everyone,” he added.

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