Ghana’s inflation rate eased further to 3.2% in March 2026, marking its lowest level since the 2021 Consumer Price Index (CPI) rebasing, according to new data from the Ghana Statistical Service.
The latest figure represents a slight drop from 3.3% recorded in February and a sharp decline from 22.4% in March 2025—a year-on-year fall of 19.2 percentage points. It also extends Ghana’s disinflation trend to 15 consecutive months since January 2025, signaling sustained macroeconomic stabilisation.
On a monthly basis, however, prices edged up marginally by 0.1% between February and March, indicating modest increases in the general price level.
Food inflation continued to ease, falling to 2.3% from 2.4% in February, with prices declining by 0.3% month-on-month—offering some relief to households. Non-food inflation also dipped slightly to 3.9%, although prices in this category rose by 0.3% over the same period.
A sharper divergence was observed between goods and services. Inflation for goods dropped significantly to 1.7% from 3.2%, with prices declining by 1.0% month-on-month. Given that goods account for nearly three-quarters of the CPI basket, this slowdown played a major role in driving the overall decline in inflation.
In contrast, services inflation surged to 7.2% from 3.7%, with a monthly increase of 0.4%, pointing to persistent cost pressures in sectors such as transport, energy, and utilities.
The data also showed mixed trends between locally produced and imported goods. Inflation for local items rose to 4.9% from 4.5%, reflecting domestic cost pressures, while imported goods recorded a deflation rate of -0.6%, down from 0.6% in February—suggesting easing external price pressures or favourable exchange rate movements.
Significant regional disparities persist. The North East Region recorded the highest inflation rate at 8.6%, while the Savannah Region experienced deflation of -4.6%, highlighting uneven price dynamics driven by local supply conditions, transport costs, and market access.
Despite external pressures, including rising global fuel prices linked to geopolitical tensions involving Iran, the United States, and Israel, Ghana’s inflation trajectory continues to trend downward.
The sustained decline is expected to boost consumer confidence and strengthen purchasing power, while also raising expectations of a gradual reduction in interest rates. Reflecting this trend, average lending rates eased slightly to around 21.5% in March, down from 22.1% in February.
However, analysts caution that rising services inflation and persistent regional disparities point to underlying structural challenges that may require targeted policy responses.
Overall, the March 2026 CPI data reinforces Ghana’s progress in stabilising prices, although close monitoring of emerging pressures—particularly in the services sector—will remain critical in the months ahead.
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