Ghana’s inflationary pressures continued to ease in January 2026, with the national inflation rate dropping to 3.8 percent, the lowest level recorded since the rebasing of the Consumer Price Index in 2021. This marks the thirteenth straight month of disinflation, underscoring a sustained slowdown in price increases across the economy.
According to the latest CPI report by Government Statistician, Dr. Alhassan Iddrisu, inflation declined from 5.4 percent in December 2025 to 3.8 percent in January 2026. The CPI index rose to 262.3 in January 2026, up from 252.6 in the same month last year, reflecting a significant moderation in year-on-year price movements.
Compared to January 2025, when inflation stood at 23.5 percent, the current figure represents a sharp 19.7 percentage-point reduction. On a month-on-month basis, prices edged up by just 0.2 percent, indicating relative stability in the general price level between December and January.
Food and non-food price growth slow
Both food and non-food components recorded slower price increases during the period. Food inflation fell to 3.9 percent in January 2026 from 4.9 percent a month earlier, while non-food inflation dropped more sharply to 3.9 percent from 5.8 percent, despite a modest 0.4 percent month-on-month rise in non-food prices.
Price increases for goods eased further to 3.6 percent, while services inflation declined to 4.0 percent from 4.5 percent in December 2025. Services, however, registered a 0.3 percent month-on-month increase.
Local products show stronger price stability
The data also point to improved price stability for locally produced goods, which recorded an inflation rate of 2.0 percent, significantly lower than the 4.3 percent recorded for imported items. This suggests that external cost pressures continue to play a role in domestic price movements.
Inflation varies across regions
Despite the nationwide slowdown in inflation, regional variations persist. The North East Region recorded the highest inflation rate at 11.2 percent, while the Savannah Region posted the lowest at 2.6 percent. Analysts attribute these disparities to differences in supply conditions, transportation costs and access to markets across regions.
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