Ghana’s inflation rate declined sharply to 3.8 percent in January 2026, extending its downward trend for a 13th consecutive month and marking the lowest inflation level recorded since the rebasing of prices in 2021, according to the latest Consumer Price Index (CPI) report.
The January outturn represents a significant improvement from the 5.4 percent recorded in December 2025 and a steep fall from the 23.5 percent inflation rate registered in January 2025.
Data from the Ghana Statistical Service show that the CPI increased to 262.3 in January 2026 from 252.6 in January 2025, translating into a year-on-year inflation rate of 3.8 percent.
This reflects a 19.7 percentage-point decline over the 12-month period and a further 1.6 percentage-point drop from the previous month.
On a month-on-month basis, inflation stood at 0.2 percent, indicating a marginal increase in the general price level between December 2025 and January 2026.
The data show a broad-based slowdown in price pressures across major components of the inflation basket. Year-on-year food inflation declined to 3.9 percent in January 2026, down from 4.9 percent in December 2025.
Non-food inflation also eased significantly to 3.9 percent, from 5.8 percent over the same period.
Despite the annual slowdown, non-food items recorded a 0.4 percent month-on-month increase, reflecting modest short-term price adjustments.
Inflation for goods decelerated further to 3.6 percent, while services inflation declined to 4.0 percent from 4.5 percent in December 2025. Services prices, however, rose by 0.3 percent on a month-on-month basis.
The report indicates that inflation for locally produced items slowed more sharply, falling to 2.0 percent, compared with 4.3 percent for imported goods.
This suggests that while domestic price pressures have eased considerably, imported inflation remains relatively elevated, reflecting lingering external cost pressures.
Regional inflation patterns continue to vary widely. The North East Region recorded the highest inflation rate at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent.
Officials attribute these disparities largely to differences in supply conditions, transportation costs, and market access across regions.
Analysts say the sustained decline in inflation underscores improving macroeconomic stability and could strengthen expectations of reduced cost pressures for households and businesses in the coming months, potentially creating room for further policy support to economic growth.