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. source: Ghana Statistical Service

Inflation Rate in Ghana decreased to 3.80 percent in January from 5.40 percent in December of 2025. Inflation Rate in Ghana averaged 17.21 percent from 1998 until 2026, reaching an all time high of 63.10 percent in March of 2001 and a record low of 0.40 percent in May of 1999. This page provides - Ghana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ghana Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Inflation Rate in Ghana decreased to 3.80 percent in January from 5.40 percent in December of 2025. Inflation Rate in Ghana is expected to be 4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ghana Inflation Rate is projected to trend around 4.00 percent in 2027 and 3.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-07 10:10 AM
Inflation Rate YoY
Dec 5.4% 6.3% 4.7%
2026-02-04 10:00 AM
Inflation Rate YoY
Jan 3.8% 5.4% 4.3%
2026-03-05 10:00 AM
Inflation Rate YoY
Feb 3.8%


Related Last Previous Unit Reference
Consumer Price Index CPI 262.30 261.70 points Jan 2026
CPI Housing Utilities 329.30 330.60 points Jan 2026
CPI Transportation 213.90 214.70 points Jan 2026
Inflation Rate YoY 3.80 5.40 percent Jan 2026
Inflation Rate MoM 0.20 0.90 percent Jan 2026


Ghana Inflation Rate
In Ghana, the most important components in the Consumer Price Index (CPI) are food and non-alcoholic beverages (43 percent of total weight); housing and utilities (10 percent); transport (10 percent) and clothing and footwear (8 percent). The index also includes: education (7 percent); restaurants and accommodations (5 percent); alcoholic beverages, tobacco and narcotics (4 percent); and information and communication (4 percent). Recreation, sports and culture; furniture, household equipment and maintenance; personal care, social protection and miscellaneous goods and services; health; and insurance and financial services account for the remaining 9 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
3.80 5.40 63.10 0.40 1998 - 2026 percent Monthly
2021=100

News Stream
Ghana Inflation Rate Slows to Fresh Low
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.
2026-02-05
Ghana Inflation Rate Softens for 12th Month
Ghana's annual inflation rate fell further to 5.4% in December 2025, a fresh low since July 2022, from 6.3% in November. This marked the 12th consecutive month of slowing inflation, largely attributable to a strengthening currency. Food inflation eased to 4.9% from 6.6% in November, while non-food price growth slowed to 5.8% from 6.1%. On a monthly basis, the CPI rose by 0.9% in December, the same pace as in the previous month.
2026-01-07
Disinflation in Ghana Remains on Track
Ghana's annual inflation rate decelerated for the 11th month running to 6.3% in November 2025, from 8% in October, largely due to a more favorable exchange rate. Higher cocoa and gold prices have contributed to a stronger cedi this year. Food inflation eased to 6.6% from 9.5% in October, while non-food price growth slowed to 6.1% from 6.9%. On a monthly basis, the CPI increased by 0.9% in November, after a 0.4% fall in the prior month.
2025-12-03