Ghana's inflation climbed to 3.7 percent in May. It's the highest rate the West African nation has recorded since January.
Official figures released Wednesday show prices rose from 3.4 percent the previous month. A jump of 0.3 percentage points caught many observers off guard.
The Ghana Statistical Service announced the data in Accra. Rising food costs were the main culprit behind the acceleration.
Food inflation surged to 3.3 percent year-on-year in May. That's up sharply from 2.2 percent in April.
Alhassan Iddrisu, the government statistician, spoke at the monthly release. He confirmed food prices drove the headline inflation increase.
Meanwhile, non-food inflation eased slightly to 4.1 percent from 4.2 percent. The mixed signals suggest broad economic pressures remain.
Global oil prices and fertiliser costs have risen significantly. Tensions in the Middle East are partly responsible.
Domestic farming has also suffered from climate-related disruptions. Agricultural production hasn't recovered fully from recent weather shocks.
Locally made goods saw inflation jump to 5.0 percent. In April, that figure stood at 4.7 percent.
Imported goods inflation also climbed, reaching 0.9 percent from 0.5 percent. Cost pressures are building across multiple categories.
Month-on-month, consumer prices rose 1.1 percent in May. April had seen a slightly lower 1.0 percent increase.
Despite the recent spike, inflation remains manageable by regional standards. It's still well below the Bank of Ghana's target range of 6 to 10 percent.
Central bank Governor Johnson Asiama spoke during May's policy committee briefing. He predicted inflation will gradually climb toward the target by late 2026.
Exchange rate movements will influence price trends ahead. Food supply conditions and transport fares matter too.
The Bank of Ghana left its benchmark rate at 14 percent last month. It marked the end of a year-long cutting cycle.
Five consecutive rate reductions had loosened monetary policy significantly. Policymakers are now hitting pause on further easing.
Rising crude oil prices worry central bankers across emerging markets. Geopolitical risks continue to cloud the inflation outlook.
