West Africa Inflation Seen Easing to 11.1% in 2026 as Price Pressures Subside – PwC
Inflation across West Africa is projected to decline sharply to 11.1 percent in 2026, down from 15.7 percent in 2025, reflecting easing food prices, moderating global cost pressures and improved macroeconomic stability, according to the PwC 2026 West Africa Economic Outlook report.
PwC said inflationary pressures across the sub-region moderated steadily in 2025, supported by improved supply conditions and stabilising food and energy prices.
In Nigeria, headline inflation is expected to maintain a downward trajectory in 2026 as food prices stabilise and policy measures continue to support price moderation. The report noted that Nigeria’s inflation declined to 14.45 percent year-on-year in November 2025, driven by favourable base effects, easing food prices, improved foreign exchange stability and tight monetary policy.
Ghana’s inflation performance showed a sharper deceleration, with headline inflation falling to 5.4 percent in December 2025, supported by a strong decline in both food and non-food inflation, alongside easing price pressures for locally produced and imported goods.
Ghana’s headline inflation further dropped to 3.8 percent in January 2026, underscoring continued disinflation momentum.
Looking ahead, the report expects Ghana’s inflation to stabilise near the Bank of Ghana’s target band of 8 percent ±2 percent, translating to a range of 6 to 10 percent, as macroeconomic conditions improve and price stability gains are sustained.
PwC attributed the broader regional inflation outlook to a combination of improved agricultural output, reduced energy price volatility, enhanced foreign exchange conditions and disciplined monetary policy across key West African economies.
The easing inflation environment is expected to create room for gradual monetary policy easing in 2026, while supporting household purchasing power and overall economic recovery across the sub-region.
