Ghana’s annual inflation rate eased to 3.2 percent in March, its 15th straight monthly decline and the lowest level recorded since the country rebased its consumer price index in 2021, the Ghana Statistical Service said on Wednesday.
Government Statistician Dr. Alhassan Iddrisu said the latest figures pointed to a broad-based slowdown in price growth, with both year-on-year and month-on-month indicators showing signs of increasing stability in consumer prices.
“In simple terms, prices are 3.2 percent higher in March 2026 than they were in March 2025,” Iddrisu said during the statistical service’s monthly inflation release.
The March reading was down sharply from 22.4 percent recorded a year earlier, underlining the pace of disinflation in an economy that had struggled with steep price pressures in recent years. Month-on-month inflation also slowed to 0.1 percent in March from 0.8 percent in February, suggesting that price increases are not only lower than a year ago but are also moderating in the short term.
The data will come as welcome news for policymakers and households alike, as Ghana continues efforts to consolidate macroeconomic gains after a prolonged period of inflation, currency volatility and fiscal stress.
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Food inflation, often one of the most politically sensitive indicators in Ghana, also moderated. According to the statistical service, food inflation fell to 2.3 percent in March from 2.4 percent in February.
On a month-on-month basis, food prices declined by 0.3 percent, suggesting that some key staples and perishables became slightly cheaper between February and March.
Iddrisu said some food subclasses were now recording outright price declines compared with a year ago. Vegetables and plantains, for example, posted a year-on-year inflation rate of negative 1.3 percent, while cereals and legumes such as rice saw an even sharper drop of 8.6 percent.
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Fish also recorded a negative inflation rate of 1.3 percent, though ready-made food remained under pressure, posting inflation of 8.7 percent.
The latest release suggests that food prices, which have historically been a major source of inflation in Ghana, may now be stabilising after months of volatility.
Non-food inflation also showed signs of moderation, though some services and consumer goods continued to post small increases.
Iddrisu said the contrast between easing food prices and still-firm non-food categories indicated that while the cost of basic household staples was becoming more stable, other parts of the economy were still adjusting.
The statistical service also highlighted differences between locally produced and imported items.
Inflation for locally produced goods stood at 4.9 percent in March, while inflation for imported items fell to negative 0.6 percent, indicating that prices for some imported goods were lower than a year earlier.
The divergence could offer a useful signal to policymakers and businesses, particularly as Ghana monitors supply conditions, exchange-rate movements and the cost of imported inputs.
Economists often distinguish between year-on-year inflation, which compares prices with the same month a year earlier, and month-on-month inflation, which measures shorter-term price changes.
The March figures suggest that the broader inflation environment is becoming more contained, even if some categories still show pockets of price pressure.
Beyond the headline numbers, the statistical service said it was improving how inflation data is communicated to the public, including clearer breakdowns, visual infographics and more detailed information on what is driving price movements.
For a country where inflation trends shape interest rates, household spending and political debate, the March reading is likely to reinforce expectations that Ghana’s price environment is moving closer to stability.
Whether that trend holds in the months ahead may depend on food supply conditions, exchange-rate movements and imported cost pressures, particularly from fuel and transport.
