Ghana’s inflation rate dropped sharply to 3.8 percent in January 2026, marking the thirteenth consecutive monthly decline and the lowest level recorded since the rebasing of consumer prices in 2021, according to the latest Consumer Price Index data.
The figure represents a significant fall from the 5.4 percent recorded in December 2025 and a steep decline from the 23.5 percent inflation rate reported in January last year.
Data released by the Ghana Statistical service, on Wednesday February 4, 2026 shows the Consumer Price Index rose to 262.3 in January 2026, from 252.6 in January 2025, translating into a year-on-year inflation rate of 3.8 percent. On a month-on-month basis, inflation stood at 0.2 percent, indicating only a marginal increase in the general price level between December and January.
However, Year-on-year food inflation slowed to 3.9 percent in January, down from 4.9 percent in December 2025. Non-food inflation also eased significantly to 3.9 percent from 5.8 percent over the same period, although non-food prices recorded a 0.4 percent month-on-month increase.
Inflation for goods fell further to 3.6 percent, while services inflation declined to 4.0 percent, from 4.5 percent in December. Services prices, however, rose slightly by 0.3 percent on a month-on-month basis.
The data also show a sharper slowdown in inflation for locally produced items, which fell to 2.0 percent, compared with 4.3 percent for imported goods. This suggests that import-related costs continue to exert pressure on prices.
Despite the overall decline, the data provides that, inflationary pressures remain uneven across the country. The North East Region recorded the highest inflation rate at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent.
Officials attribute the regional differences largely to variations in local supply conditions, transport costs and market access.
Analysts say the sustained disinflation trend points to improving macroeconomic stability and could strengthen expectations of easing cost pressures for households and businesses in the months ahead.
