Ghana’s inflation slowdown has deepened further, with consumer price growth falling to 3.8 per cent in January 2026, marking the lowest level in more than four years and extending the downward trend to 13 straight months.

Figures released by the Ghana Statistical Service show a sharp improvement from the 5.4 per cent recorded in December 2025, representing a decline of 1.6 percentage points within a single month and confirming that price pressures continue to ease.

Compared year-on-year, the turnaround is even more striking. Inflation has dropped by nearly 20 percentage points from the 23.5 per cent registered in January 2025, highlighting the magnitude of the adjustment following a prolonged period of elevated prices.

Food prices, which weigh heavily on household spending in Ghana, also slowed further. Food inflation eased to 3.9 per cent in January from 4.9 per cent the previous month, reflecting more stable prices for key staples and improved supply conditions.

Price growth in non-food items mirrored this trend, falling to 3.9 per cent from 5.8 per cent in December. This suggests reduced cost pressures across major categories such as transport, housing, utilities, and other essential services.

Inflation levels varied across regions. The Savannah Region recorded a deflation rate of minus 2.6 per cent, indicating falling prices, while the North East Region experienced the highest inflation at 11.2 per cent, underscoring ongoing regional differences in price behaviour.

The continued easing in inflation comes shortly after the Bank of Ghana reduced its benchmark interest rate by 250 basis points to 15.5 per cent, a decision that now appears consistent with the improving inflation outlook and may influence future policy considerations.

Addressing journalists in Accra, Government Statistician Dr. Alhassan Iddrisu attributed the gains to improving macroeconomic conditions and called on government to sustain its fiscal discipline to consolidate the progress made so far.