Inflation slowed to 3.2% in March, extending a disinflation trend for a fifteenth consecutive month, as easing food and goods prices helped offset rising costs in services and housing.
Data from the Ghana Statistical Service (GSS) showed the consumer price index (CPI) rose to 264.8 in March 2026 from 256.5 a year earlier, while month-on-month inflation decelerated sharply to 0.1% from 0.8% in February.
The latest figures mark a steep drop from 22.4% recorded in March 2025 and represent the lowest level since the CPI rebasing in 2021, pointing to sustained macroeconomic stabilization.
For households, the slowdown suggests easing pressure on day-to-day expenses, particularly for food and essential goods. Food inflation fell to 2.3% and declined 0.3% on a monthly basis, with staples such as cereals seeing price drops of 8.6% year-on-year. Vegetables and plantain also recorded deflation, indicating that some basic items are becoming more affordable.
However, relief remains uneven. Rising costs in services and housing continue to weigh on household budgets. Housing and utilities recorded inflation of 12.4%, the largest contributor to overall price increases, reflecting higher rent and energy costs. Education expenses also climbed, with school fees contributing significantly to inflation.
For businesses, the easing inflation environment improves cost predictability and planning, particularly as goods prices decline. Goods inflation slowed to 1.7%, with prices falling 1% over the month, reducing input costs for firms reliant on raw materials and consumer goods. At the same time, rising services inflation, which climbed to 7.2%, indicate higher operating costs in areas such as logistics, professional services and utilities, potentially squeezing margins, especially for service-oriented firms.
Non-food inflation eased slightly to 3.9%, but underlying pressures persist, particularly in processed goods and services that are slower to adjust downward.
The data also points to a shift in inflation drivers. Locally produced items recorded higher inflation at 4.9%, while imported goods became cheaper, with inflation falling to minus 0.6%. This suggests that domestic supply conditions, rather than global prices, are increasingly shaping inflation trends.
Regional disparities remain significant, affecting both consumers and businesses. The Northeast region recorded the highest inflation at 8.6%, while the Savannah region experienced deflation of 4.6%. Seven regions recorded negative inflation, highlighting differences in supply chains, transport costs and market access that influence pricing across the country.
Inflation pressures are also concentrated. Five items, including charcoal, green plantain, smoked herrings, senior secondary school fees and onions, accounted for about 61.5% of total inflation, suggesting that targeted interventions could have an outsized impact. Meanwhile, falling prices for items such as garden eggs, fried fish and fresh okra helped offset overall inflation, reducing it by 18.3%.
By sector, housing, food and education accounted for nearly 88% of total inflation, underscoring where cost pressures are most acute for households and where policy attention is likely to focus. Transport costs offered some relief, with prices declining 7.3%, easing both commuting expenses for households and logistics costs for businesses.
Overall, the figures point to a more stable inflation environment, but one where cost pressures are becoming more concentrated. For households, that means some relief in food and goods, offset by rising service and housing costs. For businesses, it signals improved planning conditions, though persistent cost increases in services and domestic inputs remain a challenge.
