Inflation drops for 13th straight month, reaching 3.8% in January 2026
Ghana’s disinflation trend has gained renewed momentum, with headline inflation declining to 3.8 percent in January 2026, the lowest level recorded since 2021 and the 13th consecutive monthly decrease.
According to the Ghana Statistical Service’s latest data.
The January outcome represents a 1.6 percentage point decrease from the 5.4 percent recorded in December 2025, reinforcing growing evidence that prices are increasing at a slower pace. On a year-on-year basis, the deceleration is even more pronounced.
Inflation has decreased by 19.7 percentage points compared to the 23.5 percent recorded in January 2025, highlighting the magnitude of the ongoing correction following two years of elevated price instability.
The downward trend in food inflation, a key contributor to household cost pressures in Africa’s second-largest cocoa producer, continued, with a decline to 3.9 percent in January 2026 from 4.9 percent in December 2025. Softer price movements across staples and improved supply conditions contributed to this easing.
Non-food inflation also experienced a similar decline, dropping to 3.9 percent from 5.8 percent in December 2025, indicating declining cost pressures in housing, transport, utilities, and other core consumer categories. Inflation outcomes varied across regions, with the Savannah Region recording the lowest inflation rate at negative 2.6 percent, denoting outright price declines, while the North East Region posted the highest rate at 11.2 percent, highlighting persistent spatial disparities in price dynamics.
The sustained disinflation occurs just weeks after the Bank of Ghana reduced its policy rate by 250 basis points to 15.5 percent, a move that appears aligned with emerging price trends and may shape expectations ahead of future monetary policy decisions.
The Government Statistician, Dr. Alhassan Iddrisu, urged the government to continue its fiscal consolidation efforts during a press briefing in Accra.
