By Franklin Asare-Donkoh
Ghana’s inflation rate fell to 3.8% in January 2026, down from 5.4% recorded in December 2025, according to data released by the Ghana Statistical Service (GSS).
The January figure represents the lowest inflation rate since 2021 and marks the 13th consecutive month of decline.
The 3.8% outturn reflects a drop of 1.6 percentage points from the December 2025 figure, reinforcing signs that price pressures in the economy are continuing to ease.
On a year-on-year basis, the slowdown is more pronounced. Inflation declined by 19.7 percentage points from the 23.5% recorded in January 2025, underscoring the scale of the correction following two years of elevated price instability.
Food inflation, a key driver of household cost pressures, also eased further, falling to 3.9% in January 2026 from 4.9% in December 2025.
According to the GSS, the moderation reflects softer price movements across staple foods and improved supply conditions.
Non-food inflation followed a similar trend, declining sharply to 3.9% from 5.8% in December 2025. This points to easing cost pressures in housing, transport, utilities and other core consumer categories.
Regionally, inflation outcomes were mixed. The Savannah Region recorded the lowest inflation rate at minus 2.6%, indicating outright price declines, while the North East Region posted the highest rate at 11.2%, highlighting persistent regional disparities in price movements.
Speaking at a press briefing in Accra, the Government Statistician, Dr Alhassan Iddrisu, urged the government to maintain its fiscal consolidation efforts to sustain the gains achieved in stabilising prices.
