Inflation Falls for 13th Straight Month to 3.8% in January 2026

Ghana’s disinflation momentum continues, 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 figure represents a 1.6 percentage point drop from the 5.4 percent recorded in December 2025, signalling that overall prices are rising at a slower pace.

Year-on-year, the slowdown is even more pronounced, with inflation down 19.7 percentage points from 23.5 percent in January 2025, reflecting a significant correction after two years of elevated price pressures.

Food inflation, a major driver of household costs in Africa’s second-largest cocoa producer, also moderated further, falling to 3.9 percent in January from 4.9 percent in December 2025. The easing reflects softer price movements across staples and improved supply conditions.

Non-food inflation mirrored this trend, dropping sharply to 3.9 percent from 5.8 percent in December, indicating reduced cost pressures in housing, transport, utilities, and other core consumer categories.

Regionally, inflation outcomes varied. The Savannah Region recorded the lowest rate at -2.6 percent, indicating outright price declines, while the North East Region posted the highest at 11.2 percent, highlighting persistent regional disparities in price dynamics.

The sustained disinflation follows the Bank of Ghana’s recent policy rate cut of 250 basis points to 15.5 percent, a move now appearing in line with emerging price trends and likely to influence expectations for future monetary policy.

At a press briefing in Accra, Government Statistician Dr. Alhassan Iddrisu urged continued fiscal consolidation to support the ongoing disinflationary trajectory.