Ghana’s disinflation momentum has strengthened, with headline inflation easing to 3.8 percent in January 2026, the lowest level recorded since 2021 and marking the 13th consecutive monthly decline, according to data from the Ghana Statistical Service (GSS).

The January outturn represents a 1.6 percentage point drop from the 5.4 percent recorded in December 2025, reinforcing evidence that price growth is slowing. On a year-on-year basis, inflation has fallen by 19.7 percentage points compared to 23.5 percent in January 2025, highlighting the scale of the ongoing correction following two years of elevated price pressures.

Food and non-food prices ease

Food inflation, a major contributor to household cost pressures in Ghana, fell to 3.9 percent in January, down from 4.9 percent in December 2025, reflecting softer price movements in staple goods and improved supply conditions.

Non-food inflation followed a similar trend, declining sharply to 3.9 percent from 5.8 percent, signaling easing cost pressures in housing, transport, utilities, and other core consumer categories.

Regional disparities persist

Inflation trends varied across regions. The Savannah Region recorded the lowest rate at negative 2.6 percent, indicating falling prices, while the North East Region posted the highest inflation at 11.2 percent, highlighting continuing regional differences in price dynamics.

Policy impact

The sustained disinflation comes weeks after the Bank of Ghana cut its policy rate by 250 basis points to 15.5 percent, a move now aligned with emerging price trends and expected to shape market expectations ahead of future monetary policy decisions.

Speaking at a press briefing in Accra, Government Statistician Dr. Alhassan Iddrisu urged continued fiscal consolidation to support macroeconomic stability.