Inflation continued its steady downward trajectory in January, falling for the 13th straight month to 3.8 per cent, a development that points to strengthening price stability and easing cost-of-living pressures.
The sustained decline has been driven by slower price increases across major goods and services, improved supply conditions, and the impact of tighter monetary policies.
Food inflation, which has weighed heavily on household budgets in recent years, eased further, while non-food categories such as transport, housing, and utilities also recorded softer price growth.
According to figures presented by Government Statistician Dr. Alhassan Iddrisu, the Consumer Price Index (CPI) increased to 262.3 in January 2026, up from 252.6 a year earlier.
This resulted in a year-on-year inflation rate of 3.8 per cent, marking a significant 19.7 percentage-point drop from the 23.5 per cent recorded in January 2025.
Inflation also declined every month, falling by 1.6 percentage points from 5.4 per cent in December 2025.
Food and non-food trends align
Both food and non-food inflation settled at 3.9 per cent in January, down from 4.9 per cent and 5.8 per cent respectively the previous month. Month-on-month data, however, showed food prices edging up by 1.1 per cent, while non-food prices declined by 0.4 per cent.
Price movements within the CPI basket were uneven. While garden eggs and fresh tomatoes recorded sharp price drops of 58.7 per cent and 42.5 per cent, staples such as charcoal and green plantain saw substantial increases of 53.7 per cent and 67.9 per cent year-on-year.
Wide regional differences persist
Inflation outcomes differed markedly across regions. The North East Region posted the highest rate at 11.2 per cent, while the Savannah Region recorded deflation of -2.6 per cent. The Ghana Statistical Service attributed these variations to differences in supply conditions, transport costs, and market accessibility.
In contrast, the Greater Accra and Ashanti regions—together representing nearly half of the national consumption basket—recorded comparatively moderate inflation rates of 3.0 per cent and 4.0 per cent.
Domestic prices now drive inflation
Inflation for locally produced goods eased to 4.5 per cent, compared with 2.0 per cent for imported items, suggesting that domestic factors have become the primary source of price pressures, marking a shift from previous inflation dynamics.
