Ghana’s inflation rate eased further to 3.2 percent in March 2026, extending the country’s sustained period of declining price pressures, according to the latest figures released by the Ghana Statistical Service.
The new rate represents a slight dip from 3.3 percent recorded in February, but a much sharper fall compared to 22.4 percent in March last year. This translates into a year-on-year drop of 19.2 percentage points, underscoring a significant turnaround in the country’s inflation trajectory.
The Ghana Statistical Service said the March figure is the lowest recorded since the 2021 rebasing of the Consumer Price Index and marks the 15th consecutive month of disinflation since January 2025.
Despite the easing annual rate, prices saw a marginal increase of 0.1 percent between February and March, pointing to a modest rise in the general price level on a monthly basis.
Food inflation continued its downward movement, slipping to 2.3 percent from 2.4 percent in February. On a monthly basis, food prices declined by 0.3 percent, offering some relief to consumers, particularly households sensitive to food costs.
Non-food inflation also edged down slightly to 3.9 percent from 4.0 percent. However, unlike food, prices within this category rose by 0.3 percent over the one-month period, indicating lingering price pressures outside the food sector.
A key driver of the overall decline was the sharp slowdown in goods inflation, which dropped to 1.7 percent from 3.2 percent in February. Goods prices fell by 1.0 percent month-on-month, a development that significantly influenced the headline rate given the dominance of goods in the CPI basket.
In contrast, the services sector recorded a notable spike. Services inflation jumped to 7.2 percent in March, up from 3.7 percent the previous month, with a 0.4 percent increase recorded on a monthly basis. This suggests that while goods prices are easing, service-related costs are beginning to rise more rapidly.
The data further showed mixed trends between locally produced and imported goods. Inflation for local items climbed to 4.9 percent from 4.5 percent, reflecting growing domestic cost pressures. Meanwhile, imported inflation fell sharply to -0.6 percent from 0.6 percent, pointing to easing external price influences, possibly supported by exchange rate stability.
Significant regional disparities persist. The North East Region recorded the highest inflation rate, while the Savannah Region registered deflation at -4.6 percent, indicating a decline in prices. These differences are largely attributed to variations in supply chains, transportation costs and market access across regions.
While the continued drop in inflation is expected to improve purchasing power and support consumer confidence, the Ghana Statistical Service cautioned that rising services inflation and regional imbalances remain areas of concern.
The March data reinforces Ghana’s progress in stabilising prices, but analysts say maintaining this momentum will require careful policy management to address emerging sector-specific pressures and ensure broad-based economic stability.
