Inflation Falls to 3.2% in March, Extending Disinflation Streak
By ZED NEWSROOM
Ghana’s inflation rate continued its downward trend in March 2026, easing to 3.2% from 3.3% in February, according to the Ghana Statistical Service (GSS).
The latest figure represents a sharp year-on-year decline of 19.2 percentage points from 22.4% recorded in March 2025, marking one of the most significant improvements in recent years. The GSS noted that this is the lowest inflation rate since the 2021 rebasing exercise and the 15th consecutive month of disinflation since January 2025.
On a monthly basis, however, prices edged up slightly by 0.1% between February and March, reflecting modest increases in the general price level.
Food inflation continued to ease, dropping to 2.3% in March from 2.4% in February, with food prices declining by 0.3% month-on-month. Non-food inflation also dipped marginally to 3.9%, although prices in this category rose by 0.3% over the same period.
A key driver of the overall decline was the sharp slowdown in goods inflation, which fell to 1.7% from 3.2% in February. Goods prices declined by 1.0% month-on-month, offering relief to consumers, particularly as goods account for a significant portion of the Consumer Price Index basket.
In contrast, services inflation surged to 7.2% from 3.7%, highlighting growing cost pressures in that sector.
The data also showed diverging trends between local and imported inflation. Locally produced goods recorded higher inflation at 4.9%, while imported goods saw deflation of -0.6%, suggesting easing external price pressures.
Regionally, disparities persist, with the North East Region recording the highest inflation, while the Savannah Region experienced deflation at -4.6%.
The GSS says while falling inflation is boosting purchasing power, rising services costs and regional gaps remain key concerns for policymakers.
