Ghana’s disinflation trajectory has gathered fresh momentum, with headline inflation easing to 3.8 percent in January 2026, the lowest level recorded since 2021 and the 13th consecutive monthly decline.

This is according to latest data from the Ghana Statistical Service.

The January outturn represents a 1.6 percentage point drop from the 5.4 percent recorded in December 2025, reinforcing growing evidence that prices are rising at a lower pace.

On a year-on-year basis, the slowdown is even more pronounced. Inflation has fallen by 19.7 percentage points compared to the 23.5 percent recorded in January 2025, underscoring the scale of the ongoing correction after two years of elevated price instability.

Food inflation, a key driver of household cost pressures in Africa’s second-largest cocoa producer, also moderated further, declining to 3.9 percent in January 2026, down from 4.9 percent in December 2025. The easing reflects softer price movements across staples and improved supply conditions.

Non-food inflation followed a similar path, dropping sharply to 3.9 percent from 5.8 percent in December 2025, pointing to declining cost pressures in housing, transport, utilities, and other core consumer categories.

Regionally, inflation outcomes were mixed. The Savannah Region recorded the lowest inflation at negative 2.6 percent, indicating outright price declines, while the North East Region posted the highest rate at 11.2 percent, highlighting persistent spatial disparities in price dynamics.

The sustained disinflation comes just weeks after the Bank of Ghana cut its policy rate by 250 basis points to 15.5 percent, a move that now appears aligned with emerging price trends and could shape expectations ahead of future monetary policy decisions.

Speaking at a press briefing in Accra , the Government Statistician, Dr. Alhassan Iddrisu urged government to continue its fiscal consolidation.