Easing food prices drive inflation down to 3.2% – GSS

The inflation rate continued its downward trend in March 2026, offering further signs of easing price pressures and improving macroeconomic stability. The latest figures point to a steady decline in the cost of living compared to the same period last year.

Annual consumer inflation slowed to 3.2 per cent in March, slightly down from 3.3 per cent in February, marking the 15th consecutive month of disinflation and a sharp fall from 22.4 per cent recorded in March 2025.

According to Government Statistician Alhassan Iddrisu, the figure is the lowest inflation rate recorded since the rebasing of the Consumer Price Index in 2021. He noted that easing food prices remain the main driver of the trend. However, he indicated that non-food items continue to record modest increases.

Despite the decline in annual inflation, month-on-month data showed a slight increase of 0.1 per cent between February and March, suggesting that some underlying price pressures persist.

Food inflation dropped to 2.3 per cent from 2.4 per cent, with prices declining by 0.3 per cent over the period, providing some relief to households. Non-food inflation also edged down to 3.9 per cent, although prices rose by 0.3 per cent month-on-month.

Goods inflation saw a more notable slowdown, falling to 1.7 per cent from 3.2 per cent in February, with prices decreasing by 1.0 per cent. This contributed significantly to the overall moderation, given the weight of goods in the inflation basket.

However, services inflation increased sharply to 7.2 per cent from 3.7 per cent, indicating rising cost pressures in that segment of the economy.

The data further showed contrasting trends between locally produced and imported goods. Inflation for locally produced items rose to 4.9 per cent, while imported inflation declined to -0.6 per cent, suggesting easing external pressures and possible exchange rate gains.

Regional variations also persisted, with the North East Region recording the highest inflation rate, while the Savannah Region posted deflation of -4.6 per cent, reflecting differences in supply conditions and market access.