Ghana’s inflation rate eased further in March, extending a sustained disinflation trend and reinforcing signs of macroeconomic stabilisation after years of elevated price pressures.
Data released by the Ghana Statistical Service on Wednesday, April 1, 2026, showed that annual consumer inflation slowed to 3.2 per cent in March 2026, down from 3.3 per cent in February. This marks the 15th consecutive month of decline and a sharp fall from 22.4 per cent recorded in March 2025.
Government Statistician Alhassan Iddrisu described the figure as the lowest since the 2021 rebasing of the Consumer Price Index, signalling a steady return to price stability. He noted that easing food prices continue to drive the slowdown, although non-food items are still registering modest increases.
On a monthly basis, however, prices edged up by 0.1 per cent, indicating that underlying price pressures have not fully dissipated.
Food inflation declined to 2.3 per cent from 2.4 per cent, with prices falling by 0.3 per cent month-on-month, offering some relief to households. Non-food inflation also eased slightly to 3.9 per cent, though prices rose by 0.3 per cent over the same period.
Goods inflation recorded a sharper slowdown, dropping to 1.7 per cent from 3.2 per cent, with prices declining by 1.0 per cent month-on-month—making it a key driver of the overall moderation.
In contrast, services inflation rose significantly to 7.2 per cent from 3.7 per cent, highlighting growing cost pressures in that segment and suggesting a potential new source of inflationary risk.
The data also revealed a divergence between domestic and imported inflation. Locally produced items rose to 4.9 per cent, while imported inflation fell to -0.6 per cent, pointing to easing external pressures and possible currency gains.
Regional disparities persist, with the North East Region recording the highest inflation, while the Savannah Region posted deflation of -4.6 per cent.
Overall, the figures underscore Ghana’s gradual recovery from its most severe economic crisis in decades, with declining inflation expected to support purchasing power and boost business confidence.
