By Emmanuel Nduka
Ghana’s inflation rate eased further in March 2026, extending a sustained downward trend and reinforcing signs of macroeconomic stabilization after years of elevated price pressures.
According to data released on Wednesday by the Ghana Statistical Service, annual consumer inflation slowed to 3.2 per cent in March, slightly down from 3.3 per cent recorded in February. The latest figure marks the 15th consecutive month of declining inflation and represents a sharp fall from the 22.4 per cent recorded in March 2025.
Government Statistician Alhassan Iddrisu described the development as the lowest inflation level since the rebasing of the Consumer Price Index in 2021, noting that it signals a steady return to price stability. He attributed the continued moderation largely to easing food prices, although non-food items still recorded marginal increases.
Despite the year-on-year decline, monthly data showed a slight uptick in prices, which rose by 0.1 per cent between February and March, indicating that underlying price pressures have not completely subsided.
Food inflation declined to 2.3 per cent in March from 2.4 per cent in February, with prices falling by 0.3 per cent month-on-month, offering some relief to households. Non-food inflation also eased marginally to 3.9 per cent, although prices within that category increased by 0.3 per cent over the same period.
A more pronounced slowdown was recorded in goods inflation, which dropped significantly to 1.7 per cent from 3.2 per cent in February. On a monthly basis, goods prices fell by 1.0 per cent, making it a key driver of the overall moderation, given the segment’s substantial weight in the inflation basket.
In contrast, services inflation rose sharply to 7.2 per cent from 3.7 per cent, highlighting growing cost pressures within the sector. This suggests that while consumer goods prices are stabilizing, services could emerge as a new source of inflationary risk.
The data further revealed a divergence between locally produced and imported goods. Inflation for locally produced items rose to 4.9 per cent from 4.5 per cent in February, while imported inflation dropped into negative territory at -0.6 per cent, reflecting easing external price pressures and possible gains from exchange rate stability.
Regional disparities persisted, with the North East Region recording the highest inflation rate, while the Savannah Region experienced deflation of -4.6 per cent, underscoring differences in supply chains, transport costs, and market access.
Overall, the latest figures highlight Ghana’s gradual recovery under President John Dramani Mahama, from one of its most severe economic crises in recent decades. The continued decline in inflation is expected to support consumer purchasing power and strengthen business confidence in the months ahead.
