Ghana October Inflation Rate Hits Target at 8%

Ghana’s annual inflation rate eased to 3.2% in March 2026 from 3.3% in February, sustaining a 15-month downward trend. This was the lowest reading since the 2021 rebasing, as the cedi has maintained stability, helping to curb price growth. Prices moderated slightly for both food (2.3% vs 2.4% in February) and non-food products (3.9% vs 4%). Inflation for domestically produced goods rose to 4.9% in March from 4.5% in February. Meanwhile, prices for imported goods fell by 0.6%, after a 0.6% rise in February, likely reflecting favorable exchange rate effects. On a monthly basis, the CPI rose by 0.1%, after increasing by 0.8% in the previous month.

Ghana’s annual inflation rate fell to 3.3% in February 2026 from 3.8% in January, marking the 14th consecutive month of slowing price growth. This was the lowest reading since the 2021 rebasing, amid the ongoing strength of the cedi. The food inflation rate fell to 2.4% from 3.9% in January, while non-food price growth accelerated to 4% from 3.9%. On a monthly basis, the CPI rose by 0.8%, after a 0.2% increase in the previous month.

Ghana’s annual inflation rate eased to 3.8% in January 2026 from 5.4% in December 2025, marking the 13th consecutive month of slowing inflation and the lowest level since the CPI was rebased in 2021. Inflation moderated for both food and non-alcoholic beverages (3.9% vs 4.9% in December 2025) and non-food prices (3.9% vs 5.8%), reinforcing signs of improving price stability. Inflation now sits well below the Bank of Ghana’s 8% target band, leaving room for further easing after cumulative rate cuts of 12.5 percentage points since July 2025. The sustained disinflation highlights Ghana’s recovery as it moves toward completing its IMF-supported programme later this year. On a monthly basis, the CPI rose 0.2% in January, following a 0.9% increase in each of the previous two months.