By Benjamin Nii Nai Anyetei
Government Statistician Dr. Alhassan Iddrisu says Ghana’s sustained decline in inflation reflects improving macroeconomic stability and could ease cost pressures for households and businesses in the coming months.
According to the Ghana Statistical Service (GSS), the Consumer Price Index (CPI) rose to 262.3 in January 2026, up from 252.6 in January 2025, translating into a 19.7 percentage-point decline from the 23.5 percent recorded a year earlier. Compared with December 2025, when inflation stood at 5.4 percent, January’s figure represents a 1.6 percentage-point drop. On a month-on-month basis, prices increased marginally by 0.2 percent.
The disinflation trend was supported by easing price pressures across food and non-food categories. Year-on-year food inflation fell to 3.9 percent in January 2026, down from 4.9 percent in December 2025, reflecting improved supply conditions and softer price movements for key staples. Non-food inflation also declined to 3.9 percent, from 5.8 percent the previous month, although non-food prices recorded a 0.4 percent month-on-month increase.
Goods inflation slowed to 3.6 percent, while services inflation eased to 4.0 percent, down from 4.5 percent in December 2025, though services prices rose by 0.3 percent month-on-month.
The data further show a sharper slowdown in locally produced items, which recorded 2.0 percent inflation, compared with 4.3 percent for imported goods, indicating that import costs continue to exert upward pressure.
Regional disparities remain, with the North East Region recording the highest inflation at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent. Authorities attribute the differences largely to variations in supply, transport costs, and market access.
Dr. Iddrisu urged the maintenance of fiscal discipline to sustain the gains achieved so far, saying the sustained decline in inflation signals improving macroeconomic stability and could reduce cost pressures for households and businesses in the months ahead.
The trend also aligns with recent monetary policy decisions, including the Bank of Ghana’s 250-basis-point cut in the policy rate to 15.5 percent, reinforcing expectations of a gradual return to price stability.
