Ghana’s inflation rate fell sharply to 3.8 percent in January 2026, marking the 13th consecutive decline and the lowest rate since the rebasing of prices in 2021, according to the latest Consumer Price Index (CPI) data. Inflation in December 2025 was at 5.4 percent.

Figures released show the CPI rose to 262.3 in January 2026, from 252.6 recorded in January 2025, translating into a year-on-year inflation rate of 3.8 percent.

This represents a 19.7 percentage-point drop from the 23.5 percent recorded in January 2025, and a 1.6 percentage-point decline from the 5.4 percent inflation recorded in December 2025.

On a month-on-month basis, inflation stood at 0.2 percent, indicating that the general price level increased marginally between December 2025 and January 2026.

Food and non-food inflation ease

Data from the release show that year-on-year food inflation declined to 3.9 percent in January 2026, down from 4.9 percent in December 2025. Non-food inflation also eased 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 slowed further to 3.6 percent, while services inflation eased to 4.0 percent, down from 4.5 percent in December 2025. Services prices, however, rose by 0.3 percent month-on-month.

Locally produced items cheaper than imports

The data further indicate a sharper slowdown in inflation for locally produced items, which fell to 2.0 percent, compared with 4.3 percent for imported goods, highlighting continued cost pressures from imports.

Regional disparities persist

Despite the overall disinflation trend, regional price differences remain pronounced. The North East Region recorded the highest inflation rate at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent. Authorities attribute these gaps largely to differences in local supply conditions, transport costs and market access.

Analysts say the sustained decline in inflation signals improving macroeconomic stability and could reinforce expectations of easing cost pressures for households and businesses in the months ahead.