Accra – Ghana's annual inflation rate increased for the third consecutive month in October, but the rise was smaller than economists had anticipated, keeping inflation comfortably within the Bank of Ghana's target range.
Consumer inflation rose to 5.5% year-on-year in October, compared with 5.2% in September, according to data released by the Ghana Statistical Service on Wednesday.
The latest figure was below the 6.2% forecast by economists polled by Reuters, indicating that underlying price pressures remain relatively contained despite the recent upward trend.
Government Statistician Alhassan Iddrisu said non-food inflation accelerated to 7.9%, making it the largest contributor to the overall increase and accounting for approximately three-quarters of inflation.
Meanwhile, food inflation eased to 2.8%, supported by lower prices for several staple food items and fruits compared with the same period last year.
Ghana experienced a significant slowdown in inflation during 2025. However, price pressures have gradually increased since inflation reached a low of 3.2% in March 2026.
The latest figures come as the Bank of Ghana maintains a cautious monetary policy stance. The central bank held its benchmark interest rate at 14% in September for the third consecutive meeting.
The Bank of Ghana targets inflation at 8%, with an allowable margin of two percentage points on either side, placing the October reading below its target range.
The lower-than-expected inflation figure could provide some reassurance to policymakers as they assess the appropriate direction of monetary policy, although the continued rise in headline inflation and accelerating non-food prices remain areas to monitor.
Source:Reuters
Reporting:Emmanuel Bruce& Christian Akorlie
Writing:Ayen Deng Bior
Editing:Alexander Winning
