Ghana’s annual inflation rate elevated to an 11-month excessive of 5.5% in October 2026, probably strengthening the case for the central financial institution to keep its coverage rate on the subsequent assembly.
Government (*11*) Alhassan Iddrisu disclosed the newest determine at a press convention in Accra on Wednesday, saying shopper costs rose from 5.2% in September.
The enhance comes amid strain from a weaker cedi and better costs in some non-food classes, whilst meals inflation slowed.
The Bank of Ghana has stored its coverage rate at 14% since March whereas assessing value pressures linked partly to the Iran struggle and its affect on gas and fertiliser provides.
Ghana inflation climbs to 5.5%
October’s inflation studying marked a rise from September and introduced annual inflation to its highest stage in 11 months. The acceleration was pushed by greater value development in non-food gadgets and providers, whereas meals inflation moderated.
The newest sector figures confirmed:
- 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 identical interval.
- Food inflation slowed to 2.8% from 4% in September.
- The cedi’s depreciation has additionally added to value pressures, having weakened by 10% towards the greenback this yr.
The Bank of Ghana targets inflation inside a spread of 6% to 10%. With inflation rising and strain persisting in some value classes, the newest figures might affect the central financial institution’s decision when officers meet on November 18.
Ghana’s inflation pattern and rate outlook
The October enhance follows a second consecutive month-to-month rise in September, when Ghana’s annual inflation rate reached 5.2%, up from 5% in August.
- Nairametrics previously reported that the September enhance was accompanied by stronger providers value pressures.
- The Bank of Ghana has maintained its coverage rate at 14% since March because it displays inflationary pressures, together with these related to the Iran struggle, which has constrained gas and fertiliser provides.
- Nairametrics reported on September 17, 2025, that the central financial institution lower its coverage rate to 21.5%. By November 26, 2025, it had diminished the rate additional to 18%.
Inflation continued to average into 2026, reaching 3.2% in March, its lowest stage since 2021, in accordance to a Nairametrics report revealed on April 1.
The newest inflation figures might subsequently form expectations ahead of the November 18 coverage announcement, though the central financial institution’s decision will rely upon its evaluation of value developments and the broader financial outlook.
Nigeria inflation continues to ease
In Nigeria, headline inflation adopted a distinct pattern, easing to 14.63% in September 2026 from 15.39% in August, in accordance to the National Bureau of Statistics (NBS).
Nairametrics reported the fourth consecutive monthly decline in the nation’s headline inflation rate, extending the disinflation pattern recorded in 2026. The September determine followed the 15.39% rate recorded in August.
