Deloitte has revealed in its March 2026 Inflation Update that upside risks remain despite ease in inflation

According to the professional services firm, the International Monetary Fund’s 2026 average forecast of 9.9% suggests price pressures could re-emerge later in the year from foreign exchange pass-through effect, higher global commodity prices, or administered price adjustments.

It however stated that the fiscal consolidation is expected to support price stability, as the government targets a primary surplus of about 1.5% of GDP in 2026. This reinforces disinflation, stabilising the cedi, and limiting inflationary financing pressures.

It added that the easing core inflation and anchored expectations suggest any near-term rise in inflation should be temporary, with pressure concentrated in utilities, fuel and seasonal food items.  

It continued that Ghana’s medium-term outlook is increasingly dependent on sustained fiscal discipline, structural reforms and stronger private capital mobilisation to ensure stability and support job creation.

March 2026 Inflation

Ghana recorded a year-on-year inflation of 3.2% in March 2026, from 3.3% in February, extending the disinflation streak to 15 consecutive months, the longest since the Consumer Price IndexI rebasing in 2021.

This was one of the lowest rates of inflation globally.

According to data from the Ghana Statistical Services, food inflation fell to 2.3% from 2.4% in February, driven by improved domestic supply conditions, seasonal harvest effects, and a more stable cedi reducing imported input costs.

Similarly, the non-food inflation edged down to 3.9% from 4.0%. Price pressures persisted despite the decline due to structural cost rigidities in services, housing, and education, alongside fuel-driven increases in transport and logistics costs.

The North East region recorded the highest regional inflation at 8.6%, nearly three times the national average of 3.2%. This reflected weaker market connectivity and elevated prices for selected food and services.

The Savannah region (-4.6%), Bono East (-3.4%) and Upper East (-1.8%) remained in deflation, driven by strong local food supply conditions as well as relatively subdued transport cost pressures and regional distribution dynamics.