Ghana’s disinflation trend extended into March, offering fresh evidence of macroeconomic stabilisation after a prolonged period of high price pressures.

According to new data from the Ghana Statistical Service, annual inflation slowed to 3.2 per cent in March 2026 from 3.3 per cent in February, marking the 15th straight month of decline. The figure represents a dramatic improvement from 22.4 per cent a year earlier.

Government Statistician Alhassan Iddrisu said the latest reading—the lowest since the 2021 CPI rebasing—signals a steady return to price stability. The moderation, he noted, continues to be driven primarily by falling food prices, even as non-food costs remain slightly elevated.

Despite the annual slowdown, monthly inflation ticked up by 0.1 per cent between February and March, suggesting that underlying price pressures are easing but not fully subdued.

Food inflation dipped to 2.3 per cent, with prices declining by 0.3 per cent month-on-month, providing some relief for households. Non-food inflation also edged down to 3.9 per cent, though prices in that category rose modestly over the same period.

A notable driver of the overall slowdown was goods inflation, which dropped sharply to 1.7 per cent from 3.2 per cent, reflecting a 1.0 per cent monthly decline in goods prices.

However, the services sector showed a contrasting trend, with inflation rising to 7.2 per cent from 3.7 per cent. This increase points to mounting cost pressures and highlights services as a potential emerging source of inflation.

The data further revealed diverging trends between locally produced and imported goods. Inflation for domestic items rose to 4.9 per cent, while imported inflation fell to -0.6 per cent, indicating easing global price pressures and possible exchange rate support.

Regional differences remain pronounced, with inflation highest in the North East Region, while the Savannah Region recorded deflation of -4.6 per cent—underscoring structural disparities in supply chains and market access.

Taken together, the latest data points to a steady economic recovery, with easing inflation likely to strengthen consumer purchasing power and improve overall business sentiment.