Ghana’s inflation continues its steady downward trend, with the headline inflation rate falling to 3.8 percent in January 2026, according to the latest data from the Ghana Statistical Service (GSS). This marks the 13th consecutive month of disinflation and represents the lowest inflation rate recorded since the Consumer Price Index (CPI) was rebased in August 2021.
The January figure reflects a sharp drop from the 5.4 percent recorded in December 2025 and a significant decline from the 23.5 percent registered in January 2025 a year-on-year reduction of 19.7 percentage points.
Data from the GSS show that the CPI increased to 262.3 in January 2026, up from 252.6 in January 2025. On a month-on-month basis, inflation rose marginally by 0.2 percent, indicating relatively stable price movements.
Food inflation slowed further to 3.9 percent in January 2026, down from 4.9 percent in December 2025. Non-food inflation also eased sharply, falling to 3.9 percent from 5.8 percent over the same period, despite a modest 0.4 percent month-on-month increase in non-food prices.
A breakdown of the data shows that inflation for goods decelerated to 3.6 percent, while services inflation declined to 4.0 percent from 4.5 percent in December 2025. Services prices, however, recorded a 0.3 percent increase on a month-on-month basis.
The report further highlights a stronger disinflation trend among locally produced goods. Prices of locally manufactured items rose by just 2.0 percent year-on-year, compared with a 4.3 percent increase for imported goods, pointing to continued cost pressures from imports.
Despite the overall decline in inflation, notable regional disparities persist. The North East Region recorded the highest inflation rate at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent. Authorities attribute these variations largely to differences in local supply conditions, transport costs, and access to markets.
The sustained fall in inflation is seen as a positive signal of improving macroeconomic stability and is expected to ease cost pressures for households and businesses in the months ahead.
