Ghana’s inflation falls to 3.8% in January 2026, lowest since 2021

Ghana’s disinflation momentum continued into 2026, with headline inflation easing to 3.8 percent in January, the lowest level since 2021.

This marks the 13th consecutive monthly decline, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service.

The CPI stood at 262.3 in January 2026, up from 252.6 in January 2025, translating into a year-on-year inflation decline of 19.7 percentage points from 23.5 percent recorded a year earlier. Compared with December 2025, when inflation was 5.4 percent, January’s figure represents a 1.6 percentage-point drop. On a month-on-month basis, prices rose marginally by 0.2 percent.

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Both food and non-food categories contributed to the slowdown. Year-on-year food inflation moderated to 3.9 percent, down from 4.9 percent in December 2025, reflecting improved supply conditions and softer price movements in staple items.

Non-food inflation also fell to 3.9 percent from 5.8 percent, despite recording a 0.4 percent increase from the previous month. Services inflation eased to 4.0 percent, while goods inflation slowed further to 3.6 percent.

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The data highlighted a sharper decline in prices of locally produced items, which grew by just 2.0 percent, compared with 4.3 percent for imported goods, showing that import costs continue to exert upward pressure.

Regional disparities remain evident. The North East Region recorded the highest inflation at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent. Authorities attribute these differences to variations in supply, transport costs and market access.

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Commenting on the figures, Government Statistician Dr. Alhassan Iddrisu urged continued fiscal discipline. The sustained decline signals improving macroeconomic stability, potentially easing cost pressures for households and businesses in the months ahead, while aligning with recent monetary policy moves, including the Bank of Ghana’s policy rate cut to 15.5 percent.