Ghana’s annual inflation rate climbed sharply in June, reaching its highest level this year and strengthening expectations that the Bank of Ghana will keep interest rates unchanged at its next policy meeting.

New data released by the Ghana Statistical Service showed consumer prices rose by 5.3 percent in the 12 months to June 2026, up from 3.7 percent in May. This increase marks the third straight month of rising inflation and the highest annual reading since December 2025.

The latest figures point to renewed price pressures across the economy, particularly in transport, housing, and education, even as monthly price increases slowed. Government Statistician Alhassan Iddrisu noted that the data reflected a rebound in annual inflation despite a much slower pace of price growth during the month.

Inflation for non-food items rose to 6.3 percent in June from 4.1 percent in May, primarily driven by higher costs for transport, housing, and education services. Food inflation also increased, rising to 3.9 percent from 3.3 percent a month earlier.

On a monthly basis, however, consumer prices increased by just 0.2 percent in June, slowing from 1.1 percent in May. This moderation suggests that while prices are still rising compared with a year ago, the speed of price increases eased during the month.

These inflation figures will be closely watched by the Bank of Ghana as policymakers prepare for their next monetary policy meeting later this month. The central bank has focused on bringing inflation under control while supporting Ghana’s economic recovery.

The latest rise in annual inflation is expected to reinforce the case for leaving interest rates unchanged until there is clearer evidence that price pressures are easing. Ghana has made significant progress in restoring macroeconomic stability following fiscal reforms and support from international financial institutions.

Even so, inflation remains one of the most important indicators shaping monetary policy decisions. Businesses and investors will now look to the central bank’s policy announcement for signals on the outlook for borrowing costs and the broader economy as officials weigh domestic inflation trends alongside global economic developments.