ACCRA, Sept 2 – Ghana’s annual inflation accelerated to 5% in August, reversing the easing recorded in the previous month as higher oil prices linked to the war in Iran added to consumer price pressures.
Consumer prices rose 5% from a year earlier, compared with 4.6% in July, Government Statistician Alhassan Iddrisu told reporters in Accra on Wednesday.
The latest increase marks a renewed upswing in Ghana’s inflation rate after the annual measure eased in July. The data indicate that developments in global energy markets are beginning to exert greater pressure on domestic prices.
Higher oil prices can feed into inflation through several channels, including transport, electricity generation, production and the cost of moving goods and services. The impact can therefore extend beyond fuel prices to broader operating costs across the economy.
Despite the annual increase, consumer prices declined by 1% during August, pointing to a monthly moderation even as the year-on-year inflation rate accelerated.
The latest figures will be closely watched by policymakers as Ghana continues to manage inflation while balancing economic growth and monetary stability. The renewed increase also highlights the vulnerability of domestic prices to external energy shocks, particularly when geopolitical tensions disrupt global oil markets.
For businesses and households, the direction of energy prices will remain an important factor in determining the trajectory of inflation in the months ahead. A sustained rise in oil costs could add to operating expenses and slow the pace of further disinflation, while a reversal in global energy prices could ease some of the pressure.
