Ghana’s inflation continued its downward trajectory in March 2026, falling to 3.2%, according to the latest report from the Ghana Statistical Service (GSS). This is a slight decline from 3.3% in February and a dramatic drop from 22.4% in March 2025, marking a 19.2 percentage point year-on-year decrease.
The GSS notes that this is the lowest inflation rate recorded since the 2021 rebasing exercise and represents the 15th consecutive month of disinflation since January 2025, signaling sustained macroeconomic stability.
Monthly Price Movements
Despite the overall decline in annual inflation, the general price level edged up 0.1% month-on-month between February and March 2026, reflecting modest short-term increases.
Food and Non-Food Inflation Trends
Food inflation eased further to 2.3% in March, down from 2.4% in February. On a monthly basis, food prices fell 0.3%, offering some relief to households.
Non-food inflation also declined slightly, to 3.9% from 4.0% in February. However, non-food prices rose 0.3% month-on-month, signaling upward pressure in other consumer categories.
Goods vs. Services Inflation
Goods inflation slowed sharply to 1.7%, down from 3.2% in February, with prices falling 1.0% month-on-month. Since goods account for nearly three-quarters of the Consumer Price Index (CPI) basket, this slowdown has been a major driver of the overall decline and provides meaningful relief to consumers.
In contrast, services inflation surged to 7.2%, up from 3.7% in February, with prices rising 0.4% month-on-month, highlighting growing cost pressures in the services sector.
Local vs. Imported Inflation
Inflation for locally produced goods rose to 4.9% in March, up from 4.5% in February, reflecting domestic cost pressures. Meanwhile, imported goods inflation fell sharply to -0.6%, down from 0.6%, indicating easing external price pressures and potential benefits from exchange rate stability.
Regional Disparities
The report also noted regional differences in inflation. The North East Region recorded the highest rate, while the Savannah Region posted a -4.6% rate, reflecting price declines. These variations are attributed to local supply conditions, transportation costs, and market access.
Outlook
The continued decline in inflation is expected to boost consumer confidence and enhance purchasing power. However, rising services inflation and regional disparities suggest underlying structural challenges remain. Policymakers will need to balance maintaining overall price stability while addressing sector-specific and regional pressures.
The March 2026 CPI release underscores Ghana’s ongoing progress in stabilizing prices, though close monitoring of the services sector and regional trends will be essential in the months ahead.