Ghana’s inflation rate fell further in March, extending a long-term disinflationary trend and supporting indicators of macroeconomic stability following years of high price pressures.
Annual consumer inflation decreased to 3.2% in March 2026 from 3.3% in February, according to data issued by the Ghana Statistical Service on Wednesday.
This reflects a significant decrease from the 22.4% reported in March 2025 and the 15th consecutive month of falling inflation.
The most recent number is the lowest since the Consumer Price Index was rebased in 2021, according to government statistician Alhassan Iddrisu, who described it as proof of a consistent return to price stability.
He pointed out that while non-food commodities are still experiencing slight increases, the easing of food costs continues to be a major factor in the moderation of inflation.
However, prices increased by 0.1% on a monthly basis between February and March, suggesting that underlying price pressures have not entirely subsided even though annual inflation is falling.
With prices dropping by 0.3% month over month, food inflation dropped to 2.3% in March from 2.4% in February, providing households with some respite.
Although prices in that category increased by 0.3% during the same period, non-food inflation also somewhat decreased to 3.9%.
Goods prices fell by 1.0% month over month, resulting in a further slowdown in goods inflation, which fell to 1.7% from 3.2% in February.
This tendency was a major factor in the overall moderation because goods make up a sizable portion of the inflation basket.
In contrast, services inflation increased significantly from 3.7% to 7.2%, indicating mounting cost pressures in that sector of the economy.
The rise implies that services could become a new source of inflationary danger while consumer goods prices are stabilising.
Additionally, the data revealed a difference between imported and locally produced goods.
Locally produced goods saw an increase in inflation to 4.9% from 4.5% in February, while imported goods saw a decline in inflation to -0.6%, suggesting a reduction in external pricing pressure and potential gains in exchange rates.
The Savannah Region had deflation of -4.6%, reflecting differences in supply chains, transportation costs, and market access, whereas the North East Region recorded the greatest inflation rate. Regional differences are still noticeable.
With lowering inflation predicted to boost consumer spending power and boost business confidence, the most recent data highlight Ghana’s slow comeback from its worst economic crisis in decades.
Source: newsthemegh.com