Ghana inflation falls to 3.2% as disinflation streak hits 15 months
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 showed that annual consumer inflation slowed to 3.2 per cent in March 2026, down slightly from 3.3 per cent in February. This marks the 15th consecutive month of declining inflation and represents a sharp drop from 22.4 per cent recorded in March 2025.
Government Statistician Alhassan Iddrisu said the latest figure is the lowest recorded since the rebasing of the Consumer Price Index in 2021, describing it as evidence of a steady return to price stability. He noted that the moderation in inflation continues to be largely driven by easing food prices, although non-food items are still registering marginal increases.
On a monthly basis, however, prices edged up by 0.1 per cent between February and March, indicating that while annual inflation is slowing, underlying price pressures have not fully dissipated.
Food inflation declined to 2.3 per cent in March from 2.4 per cent in the previous month, with prices falling by 0.3 per cent month-on-month, offering some relief to households. Non-food inflation also eased marginally to 3.9 per cent, though prices in that category rose by 0.3 per cent over the same period.
A sharper slowdown was recorded in goods inflation, which dropped to 1.7 per cent from 3.2 per cent in February, with goods prices declining by 1.0 per cent month-on-month. Given that goods account for a significant share of the inflation basket, this trend was a key driver of the overall moderation.
In contrast, services inflation rose markedly to 7.2 per cent from 3.7 per cent, reflecting growing cost pressures in that segment of the economy. The increase suggests that while consumer goods prices are stabilising, services may emerge as a new source of inflationary risk.
The data also showed a divergence between locally produced and imported goods. Inflation for locally produced items rose to 4.9 per cent, up from 4.5 per cent in February, while imported inflation fell into negative territory at -0.6 per cent, indicating easing external price pressures and possible exchange rate gains.
Regional disparities remain pronounced, with the North East Region recording the highest inflation rate, while the Savannah Region posted deflation of -4.6 per cent, reflecting variations in supply chains, transport costs and market access.
The latest figures underscore Ghana’s gradual recovery from its most severe economic crisis in decades, with declining inflation expected to support consumer purchasing power and improve business confidence.