The year-on-year inflation rate for January 2026 stood at 3.8%, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service.
This represents a significant decline from 23.5% recorded in January 2025, underscoring a sustained slowdown in price increases across the economy.
The data show that the CPI for January 2026 rose to 262.3, up from 252.6 in January 2025, translating into the 3.8% year-on-year inflation rate. On a month-on-month basis, inflation was 0.2%, indicating that the general price level increased marginally between December 2025 and January 2026.
January 2026 inflation marks the 13th consecutive decline in year-on-year inflation and is the lowest rate recorded since the CPI rebasing in 2021. It also represents a 1.6 percentage point drop from the 5.4% inflation recorded in December 2025, and a sharp 19.7 percentage point decline compared to January 2025.
The steady fall in inflation from 23.5% in January 2025 to 3.8% in January 2026 reflects a broad-based easing in price pressures and points to improving macroeconomic conditions.
Analysts say the trend signals a sustained shift towards price stability, reinforcing confidence that the country is firmly on the path to macroeconomic stabilisation.
