Ghana’s year-on-year inflation rate rose sharply to 5.3% in June from 3.7% in May, reversing months of moderation, according to data released by the Ghana Statistical Service. The increase was propelled by non-food items, which accounted for 68.5% of the headline figure, with transport fares alone contributing 10.5 percentage points, followed by rents at 8.4% and secondary school fees at 7.2%. Food inflation edged up to 3.9%, but the basket concealed extreme divergences: ginger prices more than doubled over the year, surging 102.5%, while the cost of kontomire (alefu) fell 38% and maize dropped 32.1%. Services inflation remained elevated at 9.4%, even as the month-on-month pace of price increases slowed to 0.2% from 1.1% in May.

Indonesia’s annual inflation climbed to 3.34% in June, up from 3.08% the previous month, driven primarily by a 10 June adjustment to non-subsidised fuel prices that lifted Pertamax from Rp12,300 to Rp16,250 per litre. Bank Indonesia assessed the rate as still within its 2.5±1% target range and attributed the pressure to the transport group, with administered prices rising 1.41% month-on-month on the back of higher petrol and airfares linked to global energy costs. In the Yogyakarta special region, the fuel hike alone contributed 0.24 percentage points to a monthly inflation rate of 0.37%, while core inflation nationally held steady at 0.23% month-on-month. Volatile food inflation eased to 0.14% as declines in chicken and chilli prices offset increases for shallots and garlic.

In Latin America, the picture was one of disinflation. São Paulo’s IPC-Fipe index rose just 0.18% in June, decelerating from 0.45% in May, with the 12-month rate at 3.92%. Food inflation in the city slowed sharply to 0.13% from 1.14%, while housing costs also moderated. In Argentina, private consultants project the June consumer price index at around 1.8%, down from 2.1% in May, which would mark a third consecutive month of deceleration. The central bank’s market expectations survey, however, points to a 2.1% print, and analysts in Buenos Aires caution that winter holiday-related demand could introduce seasonal pressures in July.

The divergence leaves households in West Africa and Southeast Asia contending with cost-of-living strains concentrated in transport, housing and education, while consumers in parts of South America experience relief in food and goods prices. Ghana’s regional disparities were stark: the North East region recorded 10.2% inflation, while Bono East posted a 4.4% decline in average prices. Bank Indonesia expressed confidence that inflation will remain within target through 2027, citing coordination with regional inflation-control teams. The next concrete data point comes on 14 July, when Argentina’s INDEC publishes the official June figure, offering a test of whether the disinflation trend has persisted below the 2% threshold.