Ghana has entered a new phase of price stability, with headline inflation easing to 3.8 per cent in January 2026, the lowest level recorded since the rebasing of the Consumer Price Index in 2021 and the thirteenth straight month of decline.
The latest inflation data points to a dramatic turnaround from conditions a year earlier, when prices were rising at more than six times the current pace. Compared with January 2025’s 23.5 per cent, the latest figure reflects a sharp reduction in cost pressures across the economy, driven by moderating food prices and slower growth in non-food costs.
Food and non-food inflation moved in tandem at 3.9 per cent year-on-year, signalling broad-based disinflation.
Regional inflation trends also revealed sharp contrasts. The North East Region emerged as the most expensive, posting double-digit inflation, while the Savannah Region recorded a decline in overall prices, reflecting surplus supply and softer demand conditions in parts of the country. Differences in transport costs, market access, and local production levels largely explain these variations.
A closer look at price drivers shows that inflation for locally produced goods slowed more modestly than for imported items, indicating that domestic supply chains and production costs are now more influential in shaping price movements.
With monthly inflation hovering close to zero, the latest figures suggest that Ghana’s disinflation trend has become entrenched, reinforcing expectations of a more stable macroeconomic environment in the near term.
