Ghana’s inflation rate has continued its steady decline, dropping to 3.2% in March 2026, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).
This represents a marginal decrease from the 3.3% recorded in February 2026 and a significant year-on-year drop of 19.2 percentage points from the 22.4% registered in March 2025. The March figure marks the lowest inflation rate since the 2021 rebasing of the CPI and the 15th consecutive month of disinflation since January 2025, underscoring sustained improvements in macroeconomic stability.
On a month-on-month basis, the general price level edged up modestly by 0.1% between February and March 2026. Food inflation eased further to 2.3% in March from 2.4% in February. On a monthly basis, food prices actually declined by 0.3%, providing some relief to Ghanaian households.
Non-food inflation also dipped slightly to 3.9% in March, down from 4.0% the previous month. However, non-food prices rose by 0.3% month-on-month, indicating persistent upward pressures in certain categories.
Inflation for goods slowed markedly to 1.7% in March from 3.2% in February, with goods prices falling by 1.0% on a monthly basis. Since goods constitute nearly three-quarters of the CPI basket, this deceleration has been a key driver of the overall decline in headline inflation.
In contrast, services inflation rose sharply to 7.2% in March, up from 3.7% in February, with a 0.4% increase recorded month-on-month. This highlights growing cost pressures within the services sector.
Inflation for locally produced items increased to 4.9% in March from 4.5% in February, pointing to rising domestic cost factors. Imported goods, however, recorded deflation at -0.6%, improving from 0.6% in the previous month, likely due to easing external pressures and exchange rate dynamics.
The GSS report revealed notable regional variations. The North East Region posted the highest inflation rate, while the Savannah Region recorded the lowest at -4.6%, reflecting actual price declines in that area. These differences are largely attributed to variations in local supply conditions, transportation costs, and market accessibility.