Ghana’s inflation rate dropped sharply to three-point eight percent in January 2026, marking the lowest level since the 2021 rebasing of the Consumer Price Index (CPI) and continuing a 13-month streak of decline, official data showed on Wednesday.
Figures from the Ghana Statistical Service indicate that the CPI rose to 262.3 in January 2026, compared with 252.6 in the same month a year earlier, translating to a year-on-year inflation rate of three point eight percent. This represents a fall of nearly twenty percentage points from the 23.5 percent recorded in January 2025 and a decline of one point six percentage points from December 2025, when inflation stood at five point four percent.
Month-on-month, prices increased only marginally by 0.2 percent, suggesting relatively stable consumer costs between December 2025 and January 2026.
The report showed that both food and non-food prices contributed to the easing trend. Year-on-year food inflation fell to three point nine percent in January, down from four point nine percent in December 2025. Non-food inflation also eased to three point nine percent from five point eight percent, although non-food items recorded a slight month-on-month rise of 0.4 percent.
Price pressures on goods slowed to three point six percent, while services inflation fell to four percent from four point five percent in December, with services prices rising 0.3 percent month-on-month.
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Locally produced items continued to benefit from the disinflation trend, recording a lower inflation rate of two percent, compared with 4.3 percent for imported goods. Analysts said this highlights persistent cost pressures from imported items, including commodities and intermediate goods.
Despite the broad decline, regional disparities remain. The North East Region recorded the highest inflation in the country at 11.2 percent, while the Savannah Region had the lowest at 2.6 percent. Authorities attributed these gaps largely to differences in local supply conditions, transportation costs, and market access.
Government Statistician Dr. Alhassan Iddrisu said the sustained decline in prices signals improving macroeconomic stability and could help moderate cost-of-living pressures for households and businesses. “The continued easing of inflation reflects both stable domestic supply conditions and improved fiscal and monetary policies,” he said.
Economists welcomed the data, noting that lower inflation could support consumer spending and business investment. “A rate of three point eight percent provides much-needed relief to households and firms, and it reinforces expectations that the central bank may maintain an accommodative monetary stance,” said Kwame Mensah, a macroeconomic analyst in Accra.
Ghana has faced fluctuating inflation since the rebasing of the CPI in 2021, with imported goods often driving volatility. The new figures suggest that the economy is gradually stabilising, with local production and supply chains helping to dampen price pressures.
Lower inflation is also expected to benefit key sectors, including food and beverages, transport, and household goods. Analysts said the data could support further policy measures aimed at boosting domestic production and reducing import dependency.
The government has pursued a combination of fiscal discipline, targeted subsidies, and supply chain interventions to contain inflation. Monetary policy actions, including interest rate adjustments and exchange rate management, have also played a role in stabilising prices.
As Ghana enters the first quarter of 2026, market watchers said they will closely monitor whether the easing trend continues, particularly amid global commodity price pressures and potential supply chain disruptions. Analysts forecast that inflation is likely to remain moderate in the coming months, provided that domestic production remains robust and import cost pressures do not intensify.
The January 2026 CPI release reinforces Ghana’s progress toward price stability and macroeconomic resilience, providing a more predictable environment for consumers, businesses, and policymakers.
