By Francis Ntow
Accra, Feb 5, GNA – Ghana’s headline inflation reduced to 3.8 per cent in January 2026, marking the slowest rate in 27 years, since August 1999, and a 13th consecutive decline from the rebasing period in 2021.
Consumer Price Index (CPI) rose to 262.3 from the previous 252.6 in January 2025, translating into a year-on-year inflation of 3.8 per cent for January 2026, the Ghana Statistical Service (GSS) announced.
Dr Alhassan Iddrisu, the Government Statistician, at the release of the January 2026 CPI and inflation, in Accra, on Wednesday, said the country recorded a 19.7 percentage point drop in inflation from the January 2025 figure of 23.5 per cent.
The month-on-month inflation rate for January 2026 was 0.2 per cent, indicating that the general price level of goods and services increased by 0.2 per cent between December 2025 and January 2026, he said.
“The steady drop in inflation 23.5 per cent in January 2025 to 3.8 per cent in January 2026 shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability,” Dr Iddrisu said.
He added that the disinflation process was broad-based with notable reductions in both food and non-food inflation as year-on-year food inflation eased to 3.9 per cent, down from 4.9 per cent in December 2025, while non-food inflation also declined to 3.9 per cent from the December rate of 5.8 per cent.
The data showed a stronger decline in prices of locally produced items, which grew by two per cent, compared with the 4.3 per cent inflation rate for imported goods, signalling that import costs continued to exert upward pressure.
“This possibly reflects improved national rate stability, easing global price pressures, and better alignment between domestic and external markets,” the Government Statistician explained.
On a regional basis, the Government Statistician said sharp differences persisted as inflation remained uneven across the country, with the North East region recording the highest rate of 11.2 per cent, while Savannah had the lowest rate of negative 2.6 per cent.
The top five regional contributors – Greater Accra, Ashanti, Eastern, Western, and Volta regions, together accounted for 82 per cent of the total inflation reported in January 2026, while the five regions with the highest inflation rates, namely North East, Volta, Eastern, Western, and Ahafo, account for just 41.4% of overall inflation.
In terms of drivers of inflation, he noted that Charcoal, Green Plantain, smoked herrings, cinema/cultural services, and Ginger, which accounted for about 52 per cent of the overall inflation recorded in January 2026.
On the other hand, Garden eggs, fried fish, cocoyam leaves, pawpaw and fresh tomatoes were the top five lowest contributors of inflation, recording a rate of negative 58.7 per cent in January 2026.
He attributed the disparity to local supply, transport costs and market access, calling for investments into enhancing transport infrastructure, irrigation, storage facilities, and improved access to market.
He recommended that the government sustain fiscal discipline, continue efforts to stabilise food prices and strengthen improvements in overall macroeconomic conditions.
“For businesses, the ease in inflation provides room to invest in efficiency, strengthen local supply chains, reduce unnecessary cost, and translate savings into more stable prices in those units,” Dr Iddrisu said.
He said for households, that was a good time to plan budget with greater confidence, prioritise essentials, avoid non-essential spending, and save where possible.
GNA
Edited by Agnes Boye-Doe