The Government Statistician, Dr. Alhassan Iddrisu, has urged the Ghanaian government to maintain fiscal discipline and continue efforts to stabilise food prices following a sharp decline in inflation.

Speaking after the release of January 2026 data, Dr. Iddrisu said the government should also invest in storage, irrigation, transport, and market access to reduce regional price disparities.

“Easing inflation provides room to invest in efficiency, strengthen local supply chains, reduce unnecessary costs, and translate savings into more stable prices for consumers,” he said.

He also advised households to plan budgets with confidence, prioritise essential spending, and save where possible.

The year-on-year inflation rate for January 2026 stood at 3.8%, down dramatically from 23.5% in January 2025, reflecting a sustained slowdown in price increases across the economy.

According to the Ghana Statistical Service (GSS), the Consumer Price Index (CPI) rose to 262.3 in January 2026 from 252.6 in January 2025, resulting in the 3.8% year-on-year inflation rate. Month-on-month inflation increased marginally by 0.2% from December 2025.

January 2026 marks the 13th consecutive decline in annual inflation and is the lowest rate recorded since the CPI rebasing in 2021. It also represents a 1.6 percentage point drop from December 2025’s 5.4% and a 19.7 percentage point decline from January 2025.

Food inflation, a key driver of household costs, eased to 3.9% in January 2026 from 4.9% in December 2025, reflecting softer price movements in major staples supported by improved supply. Non-food inflation also fell sharply to 3.9% from 5.8%, indicating easing costs in housing, transport, utilities, and other core consumer goods.

Regionally, inflation remained uneven. The Savannah Region recorded the lowest rate at -2.6%, reflecting outright price declines, while the North East Region had the highest at 11.2%, highlighting persistent regional disparities.

The disinflation comes weeks after the Bank of Ghana reduced its policy rate by 250 basis points to 15.5%, a move now aligned with emerging price trends and expected to influence future monetary policy decisions.

Dr. Iddrisu emphasised that continued fiscal consolidation is crucial to sustaining these gains, stabilising prices, and supporting broader macroeconomic improvement.

The steady decline from 23.5% in January 2025 to 3.8% in January 2026 reflects broad-based easing in price pressures and signals improving macroeconomic conditions.