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 preserve its coverage rate on the subsequent assembly.
Government (*11*) Alhassan Iddrisu disclosed the most recent 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 conflict and its influence 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 degree in 11 months. The acceleration was pushed by greater value progress in non-food objects 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% in opposition to the greenback this 12 months.
The Bank of Ghana targets inflation inside a variety of 6% to 10%. With inflation rising and strain persisting in some value classes, the most recent figures might affect the central financial institution’s decision when officers meet on November 18.
Ghana’s inflation development 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 screens inflationary pressures, together with these related to the Iran conflict, which has constrained gas and fertiliser provides.
- Nairametrics reported on September 17, 2025, that the central financial institution minimize its coverage rate to 21.5%. By November 26, 2025, it had decreased the rate additional to 18%.
Inflation continued to reasonable into 2026, reaching 3.2% in March, its lowest degree since 2021, in accordance to a Nairametrics report printed on April 1.
The newest inflation figures could due to this fact form expectations ahead of the November 18 coverage announcement, though the central financial institution’s decision will rely on its evaluation of value developments and the broader financial outlook.
Nigeria inflation continues to ease
In Nigeria, headline inflation adopted a distinct development, 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 development recorded in 2026. The September determine followed the 15.39% rate recorded in August.
