Back up from the lowest rate since 1999.
Prices rose 5.2% in the year to September 2026. In March the rate had fallen to 3.2%, the lowest since August 1999 in the series the Ghana Statistical Service publishes today, three years after it passed 54%. Since then it has turned back up, and the rise is coming from non-food prices.
Figures to January 2026 come from GSS's StatsBank database, which hasn't been updated since 5 February 2026. February to September 2026 come from the CPI annex workbooks GSS publishes with each monthly bulletin. Where the two sources overlap, they agree to within rounding.
Two great inflations
Ghana has lived through two runaway price surges in this record. The first peaked at 63.0% in March 2001, during the cedi's collapse at the turn of the century. The second peaked at 54.1% in December 2022, after the pandemic, the fuel shock and a debt crisis. In between, annual averages mostly ran between 7% and 20%.
The early years need a caution. GSS now expresses the whole history on its 2021 basket of goods, and other sources quote quite different figures for 1999 to 2001. This page follows GSS's current series.
The shaded band is the verification tolerance: how closely the published rate can be checked against the index. It is wide in the early years because the index was small and GSS rounds it to one decimal place. Hover or tap for any month.
Annual averages as a table
Food prices calmed; everything else didn't
Through 2025, food drove inflation down: food prices went from rising 28% a year to under 5%. In 2026 the two halves of the basket split. Food inflation stayed between 2% and 4%, and in August food prices fell 2.6% in a single month. Non-food inflation went the other way, from 3.9% in March to 6.2% in September, and pulled the headline rate back up with it.
Year-on-year inflation, national, January 2025 to September 2026. Food carries 42.7% of the basket's weight and non-food 57.3%. Source: GSS CPI annex, September 2026. This chart needs GSS's annex because StatsBank's own non-food series is broken; see the notes.
The same shopping, then and now
The index behind these rates tracks a fixed basket of goods and services. Follow it through time and the compounding becomes concrete.
Ratio of the national consumer price index in September 2026 (271.5) to the January of each start year. Index base: 2021 = 100.
What drove the 2022 surge, and what's left of it
At the December 2022 peak, housing and utilities prices were up 82% on a year earlier, with furnishings and transport both above 71%. Three years on, transport is the only group where prices are falling, and recreation and housing are rising fastest.
Year-on-year inflation by group, national. Non-food is an aggregate of the other groups rather than a group itself, so it isn't plotted here. From GSS's annex it was 49.9% in December 2022 and 5.8% in December 2025.
Product groups as a table
Sixteen regions, sixteen inflations
The national rate hides a wide spread. In December 2022, prices in Greater Accra were up 66.7% while Volta's rose 35.6%. Six months later the order had flipped: Greater Accra had the lowest rate of all sixteen regions.
In September 2026, Ashanti had the highest rate in the country, 9.8%, up from 5.0% in March. Western had the lowest, −0.5%. Upper East climbed fastest over the six months, from −1.8% to 4.5%. North East went the other way, from 8.6% to 2.8%. In Western and Bono East, prices were lower than a year earlier; in Northern they were flat.
Year-on-year inflation, all products. Regional series begin with the 2021 rebase, so the first year-on-year figures are for January 2022. Choose a region to highlight it. January 2022 to January 2026 from StatsBank; February to September 2026 from GSS's annex.
Regions as a table
Imported goods rose faster, and have fallen further
Goods Ghana imports are exposed to the exchange rate. When the cedi fell in 2022, imported-goods inflation climbed to a peak of 62.4% in January 2023, 11 points above locally produced goods. As the cedi recovered, it kept falling. In March 2026 imported goods cost 0.6% less than a year earlier, the only time in this record that either group has fallen. By September 2026 imported-goods inflation was 2.4%, against 6.4% for local goods.
Year-on-year inflation, national, by source of goods, January 2022 to September 2026. Imported items carry 31.5% of the basket's weight and local items 68.5%. Source: GSS CPI annex, September 2026.
Recent figures check to a tenth of a point; the oldest to three
Every rate on this page was checked by recomputing it from the price index and comparing the two. How finely that check can see depends on the index's size. GSS rounds the index to one decimal place, so when it stood at 4 in 1999 the rounding alone hides nearly three percentage points. At 271 today it hides under a tenth of one.
The older figures are not wrong. They simply can't be verified as tightly, and this page says so rather than presenting 1999 and 2025 as equally certain.
Average verification tolerance of the year-on-year rate, by year, in percentage points. Smaller is more precise.
How this was made
Source
Every figure comes from the Ghana Statistical Service StatsBank, table cpi.px, retrieved through its public API, and from the monthly CPI annex workbooks for February to September 2026. Each value is stored with the file it came from, a fingerprint of that file and the date it was fetched.
Checks
For the national series, 336 month-on-month and 325 year-on-year figures were recomputed from the index; all agree within rounding. The twelve monthly rates for 2025 average 14.58%, matching the 14.6% in GSS's separate 2025 annual inflation report. Across the 61 months both sources cover, StatsBank and the annex agree on the headline index to within rounding.
One series replaced
Since the 2021 rebase, StatsBank's national Non-food index is a copy of the Food index, and its regional Non-food rates include impossible values such as a 46% fall in one month. GSS's annex workbooks carry a genuine Non-food series that matches its press releases (9.5% for July 2025), so this page uses that one. It looks like an error in the online database rather than in the statistics.
Early years
The series before 2021 is GSS's back-cast onto the 2021 basket. It matches what data services such as YCharts carry today, but older compilations give different rates for 1999–2001: for example, IndexMundi lists 12.8% for 1999 where this series averages 5.0%.
What isn't here
Regional and local-versus-imported figures only exist from the 2021 rebase. The older ten-region data is not in this table. In January to August 2022, the sixteen regional indices, weighted together, sit up to 3.9 points above GSS's national index; from September 2022 they agree to within 0.4. The regional rates on this page are unaffected, since each is checked against its own index. In one stretch, September 2022 to April 2023, GSS's annex was typed in at one decimal place, and September 2022 doesn't join cleanly to the months before it; those values are held back.