"January 2026 inflation rate represents 13th consecutive decline in inflation" - Gov't Statistician

Ghana’s inflation continued its steady downward trend in January 2026, reinforcing signs of improving macroeconomic stability, the Ghana Statistical Service (GSS) has announced.

According to the January 2026 Consumer Price Index (CPI) released by the GSS, the CPI rose to 262.3 in January 2026 from 252.6 in January 2025, resulting in a year-on-year (YoY) inflation rate of 3.8 per cent.

This means that, on average, prices of goods and services increased by 3.8 per cent over the 12-month period.

Dr. Iddrisu Alhassan, Government Statistician, noted that the January 2026 inflation rate represents the 13th consecutive decline in inflation and the lowest rate recorded since the rebasing of prices in 2021.

He added that the figure marks a 1.6 percentage point drop from the December 2025 inflation rate of 5.4 per cent and a significant 19.7 percentage point decline from the 23.5 per cent recorded in January 2025.

On a month-on-month basis, inflation stood at 0.2 per cent, indicating a marginal increase in the general price level between December 2025 and January 2026.

Dr. Alhassan explained that inflation is measured monthly using price data on 307 items in the CPI basket, collected from 8,337 outlets across 57 markets nationwide.

The items are organised into 13 divisions, 44 groups, 98 classes, and 156 sub-classes.

While the weight reference period remains 2017, the price reference period has been updated to 2021 (2021=100) to reflect the inclusion of the six new regions.

He highlighted recent innovations introduced in the CPI release, including reports on the decomposition of inflation into goods and services, analysis of contributions to inflation, annual average inflation trends, and the use of infographics to make price movements more accessible to the public.

The report also now includes policy-oriented recommendations to support decision-making by government, businesses, and households.

“The sustained decline in inflation from 23.5 per cent in January 2025 to 3.8 per cent in January 2026 signals a clear and sustained shift in price dynamics,” Dr. Alhassan said.

“It demonstrates that Ghana is firmly on the path to macroeconomic stability.”

The CPI and inflation figures are expected to guide fiscal and monetary policy decisions, as well as inform business planning and household budgeting across the country.

Story by: Hawa Abubakar