Ghana’s inflation rate continued to decline in March 2026, dropping to 3.2%, according to the latest data released by the Ghana Statistics Department (GSS).
This marks a slight decrease from the 3.3% recorded in February 2026 and a significant decrease from 22.4% in March 2025, a sharp decrease of 19.2 percent year-on-year.
The GSS noted that this is the lowest rate recorded since the new exercise in 2021 and marks the 15th consecutive month of contraction since January 2025, indicating sustained macroeconomic stability.
Monthly Pricing
Despite the overall decline in annual inflation, prices rose by 0.1% between February and March 2026, indicating a moderate monthly increase in the general price level.
Price Trends and Unexpected Prices
Food prices continued to decline, falling to 2.3% in March 2026 from 2.4% in February. However, on a monthly basis, food prices fell by 0.3%, providing relief to households.
Non-food prices also saw a slight decline, falling to 3.9% in March from 4.0% in February. Unlike food, non-food prices increased by 0.3% month-on-month, suggesting upward pressure on some consumer segments.
Goods vs Services
Property prices fell sharply to 1.7% in March 2026, down from 3.2% in February. Notably, commodity prices fell by 1.0% month-on-month. Due to the fact that goods make up almost three parts of the basket of the Consumer Price Index (CPI), this reduction is considered to be a major factor driving the overall price drop and providing reasonable relief to consumers.
On the other hand, the price of services rose significantly to 7.2% in March, from 3.7% in February. On a monthly basis, prices for services increased by 0.4%, reflecting increasing cost pressures in the service sector.
Domestic Prices vs
The price index for domestically produced goods rose 4.9% in March, compared to 4.5% in February, reflecting rising domestic cost pressures. On the other hand, inflation for imported goods fell significantly to -0.6%, from 0.6% in February, suggesting a reduction in foreign price pressures or positive effects of the exchange rate.
Regional Differences Continue
The report also highlighted large regional differences in inflation across the country. The North East Region recorded the highest rate of inflation, while the Savannah Region posted the lowest rate at -4.6%, indicating a decrease in inflation in the region. These differences are due to factors such as local supply conditions, transportation costs, and market access.
Comments
The continued decline in inflation is likely to boost consumer confidence and improve purchasing power. However, rising costs of services and regional disparities suggest that existing problems remain. Policymakers may need to balance maintaining price stability while dealing with specific sectoral and regional pressures.
The release of the CPI for March 2026 according to the Ghana Statistics Service, confirms Ghana’s continued progress in stabilizing prices, although a careful assessment of emerging conditions especially in the services sector will be important in the coming months.
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