Inflation Decline Continues Unabated as CPI Pegged at 3.8% in January 2026
Headline inflation rate fell sharply to 3.8 percent in January 2026, marking the 13th consecutive monthly decline and the lowest level since the rebasing of the Consumer Price Index (CPI) in August 2021, according to the latest data.
Inflation in December 2025 stood at 5.4 percent.
Data from the Ghana Statistical Service shows the CPI rose to 262.3 in January 2026 from 252.6 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 December 2025. Month-on-month, inflation increased marginally by 0.2 percent.
The data further indicate that year-on-year food inflation slowed 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 during the same period, despite a 0.4 percent month-on-month rise in non-food prices.
Inflation for goods decelerated to 3.6 percent, while services inflation fell 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 goods outperform imports
The report highlights a sharper slowdown in prices for locally produced items, which rose by just 2.0 percent year-on-year, compared with 4.3 percent for imported goods, underscoring ongoing cost pressures from imported items.
Despite the general disinflation trend, regional differences remain significant. 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 attributed the gaps largely to differences in local supply, transport costs, and market access.
The sustained decline in inflation points to improving macroeconomic stability and expectations of easing cost pressures for households and businesses in the coming months.
