Inflation has fallen for the 13th consecutive month, easing to 3.8 per cent, signalling sustained improvement in price stability and a gradual reduction in cost pressures on households and businesses.
The continued slowdown reflects softer price increases across key goods and services, supported by improved supply conditions and tighter monetary policies. Food inflation—long a major driver of cost-of-living pressures—showed further moderation, while non-food items such as transport, housing, and utilities also recorded slower price growth.
Presenting the latest figures, Government Statistician Dr Alhassan Iddrisu said the Consumer Price Index (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 per cent. This represents a sharp 19.7 percentage-point decline from the 23.5 per cent recorded in January last year.
On a month-on-month basis, inflation dropped by 1.6 percentage points, compared to 5.4 per cent in December 2025.
Food and non-food inflation converge
Both food and non-food inflation eased to 3.9 per cent in January, down from 4.9 per cent and 5.8 per cent respectively in December. However, monthly data showed food prices rising marginally by 1.1 per cent, while non-food prices declined by 0.4 per cent.
A closer look at the CPI basket revealed sharp contrasts. Prices of items such as garden eggs and fresh tomatoes fell by 58.7 per cent and 42.5 per cent respectively, while essentials, including charcoal and green plantain, recorded steep year-on-year increases of 53.7 per cent and 67.9 per cent.
Regional disparities
Despite the national decline, inflation varied significantly across regions. The North East Region recorded the highest inflation rate at 11.2 per cent, while the Savannah Region experienced deflation of -2.6 per cent. The Ghana Statistical Service attributed the differences to variations in local supply, transport costs, and market access.
The Greater Accra and Ashanti regions—together accounting for nearly half of the national consumption basket—posted relatively modest inflation rates of 3.0 per cent and 4.0 per cent, respectively.
Imported versus local inflation
Inflation for locally produced goods declined to 4.5 per cent, while inflation for imported items eased further to 2.0 per cent, indicating that domestic cost pressures are now the dominant driver of price changes, a reversal of earlier trends.
