Ghana inflation rises to 5.5%, highest in 11 months ahead of November rate decision

Ghana’s annual inflation rate increased to an 11-month high of 5.5% in October 2026, potentially strengthening the case for the central bank to maintain its policy rate at the next meeting.

Government Statistician Alhassan Iddrisu disclosed the latest figure at a press conference in Accra on Wednesday, saying consumer prices rose from 5.2% in September.

The increase comes amid pressure from a weaker cedi and higher prices in some non-food categories, even as food inflation slowed.

The Bank of Ghana has kept its policy rate at 14% since March while assessing price pressures linked partly to the Iran war and its impact on fuel and fertiliser supplies.

Ghana inflation climbs to 5.5%

October’s inflation reading marked an increase from September and brought annual inflation to its highest level in 11 months. The acceleration was driven by higher price growth in non-food items and services, while food inflation moderated.

The latest sector figures showed:

• Non-food inflation rose to 7.9% in October from 6.2% in September.
• Services inflation accelerated to 11.5% from 8.3% over the same period.
• Food inflation slowed to 2.8% from 4% in September.
• The cedi’s depreciation has also added to price pressures, having weakened by 10% against the dollar this year.

The Bank of Ghana targets inflation within a range of 6% to 10%. With inflation rising and pressure persisting in some price categories, the latest figures could influence the central bank’s decision when officials meet on November 18.

Ghana’s inflation trend and rate outlook

The October increase follows a second consecutive monthly rise in September, when Ghana’s annual inflation rate reached 5.2%, up from 5% in August.

• Nairametrics previously reported that the September increase was accompanied by stronger services price pressures.
• The Bank of Ghana has maintained its policy rate at 14% since March as it monitors inflationary pressures, including those associated with the Iran war, which has constrained fuel and fertiliser supplies.
• Nairametrics reported on September 17, 2025, that the central bank cut its policy rate to 21.5%. By November 26, 2025, it had reduced the rate further to 18%.

Inflation continued to moderate into 2026, reaching 3.2% in March, its lowest level since 2021, according to a Nairametrics report published on April 1.

The latest inflation figures may therefore shape expectations ahead of the November 18 policy announcement, although the central bank’s decision will depend on its assessment of price developments and the wider economic outlook.

Nigeria inflation continues to ease

In Nigeria, headline inflation followed a different trend, easing to 14.63% in September 2026 from 15.39% in August, according to the National Bureau of Statistics (NBS).

Nairametrics reported the fourth consecutive monthly decline in the country’s headline inflation rate, extending the disinflation trend recorded in 2026. The September figure followed the 15.39% rate recorded in August.