Ghana’s inflation drops to 3.8% in January 2026, lowest since 2021 rebasing

Ghana’s year-on-year inflation rate eased further to 3.8 per cent in January 2026, marking the 13th consecutive decline and the lowest level since the Consumer Price Index (CPI) was rebased in 2021, according to the Ghana Statistical Service (GSS).

The decline represents a sharp 19.7 percentage-point drop from the 23.5 per cent recorded in January 2025, underscoring what the GSS describes as a sustained shift toward macroeconomic stability.

Presenting the January 2026 CPI report in Accra, Government Statistician Dr Alhassan Iddrisu noted that the CPI rose marginally to 262.3 in January 2026 from 261.7 in December 2025, translating into a month-on-month inflation rate of 0.2 per cent.

“This means that on the average, the price of goods and services increased by 3.8 per cent between January 2025 and January 2026,” the report stated.

The report showed that food inflation declined to 3.9 per cent in January 2026 from 4.9 per cent in December 2025, although food prices rose by 1.1 per cent month-on-month during the period.

Similarly, non-food inflation eased to 3.9 per cent from 5.8 per cent, with prices in that category falling by 0.4 per cent on a month-on-month basis, offering some relief to consumers.

The slowdown was more pronounced in goods inflation, which dropped from 5.8 per cent in December 2025 to 3.6 per cent in January 2026. The GSS noted that this development is significant since goods account for nearly three-quarters of the CPI basket.

Despite the national improvement, inflation remained uneven across regions. The North East Region recorded the highest inflation rate at 11.2 per cent, while the Savannah Region posted the lowest at -2.6 per cent.

According to the GSS, factors such as local supply conditions, transport costs and market access may be driving these regional disparities.

The Statistical Service indicated that the continued easing of inflation provides room for households to plan budgets with greater certainty, while businesses can invest in efficiency and strengthen local supply chains.

The report also urged government to “sustain fiscal discipline, continue efforts to stabilise food prices, and invest in storage, irrigation, transport and market access to reduce regional disparities”.

BY: NHYIRABA KWADWO SAMMY BEE

SOURCE: DLNEWSROOM