The stability of gradient-drift waves in a Hall-type plasma thruster is investigated within the framework of two-fluid ideal magnetohydrodynamics. The analysis is based on the dispersion relation, which includes the effects of equilibrium electron current, finite ion flow velocity, electron inertia, electron temperature, magnetic field and plasma density gradients, and also the Debye length effects. The features of unstable modes are calculated along the thruster channel Three spatially separated areas of instability are revealed: (i) the near-anode region with long-wavelength azimuthal oscillations, (ii) the main part of the acceleration channel with short-wavelength axial modes destabilized by macroscopic ion flow, and (iii) the plume region characterized by short-wavelength oblique waves.