Inflation drops to 3.2% in March … lowest since 2021 rebasing — GSS
GHANA’S year-on-year inflation rate declined to 3.2 per cent in March 2026 from 3.3 per cent in February 2026, marking the 15th consecutive month of disinflation, the Government Statistician, Dr Alhassan Iddrisu, has announced.
Presenting the March Consumer Price Index (CPI) and Inflation data at a virtual briefing, Dr Alhassan Iddrisu said the figure represents the lowest inflation rate recorded since the rebasing exercise in 2021, reflecting sustained easing of price pressures in the economy.
He explained that the CPI for March 2026 stood at 264.8, compared to 256.5 in March 2025, translating into a year-on-year inflation rate of 3.2 per cent. On a month-on-month basis, he said inflation between February and March 2026 was recorded at 0.1 per cent, suggesting a marginal increase in the general price level.
Dr Iddrisu noted that the steady decline in inflation from 22.4 per cent in March 2025 to 3.2 per cent in March 2026 represents a drop of 19.2 percentage points, underscoring a firm path towards macroeconomic stability.
He said food inflation eased slightly to 2.3 per cent in March 2026 from 2.4 per cent in February 2026. Food prices Dr Iddrisu said decreased by 0.3 per cent on a month-on-month basis, providing some relief to consumers.
“Non-food inflation also declined marginally to 3.9 per cent from 4.0 per cent, although prices in this category rose by 0.3 per cent between February and March,” he stated.
Dr Iddrisu said inflation for goods slowed significantly to 1.7 per cent in March 2026 from 3.2 per cent in February 2026, with goods prices falling by 1.0 per cent month-on-month. He said since goods account for nearly three-quarters of the CPI basket, that development was particularly beneficial to households.
In contrast, Dr Iddrisu stated that services inflation rose sharply to 7.2 per cent in March 2026 from 3.7 per cent in February 2026, with month-on-month prices increasing by 0.4 per cent.
The report further indicated that inflation for locally produced items increased to 4.9 per cent from 4.5 per cent, while inflation for imported items declined to negative 0.6 per cent from 0.6 per cent, reflecting falling prices of imported goods.
Dr Alhassan Iddrisu also highlighted regional disparities, noting that the North East Region recorded the highest inflation rate at 8.6 per cent, while the Savannah Region registered the lowest at negative 4.6 per cent. He attributed those differences to variations in local supply conditions, transport costs, and access to markets.
The Government Statistician advised businesses to leverage the easing inflation environment to improve efficiency, strengthen local supply chains, and reduce operational costs to ensure price stability.
He also urged the government to maintain fiscal discipline and intensify efforts to stabilise food prices, while investing in storage, irrigation, and transport infrastructure.
To households, Dr Iddrisu encouraged them to take advantage of the easing inflation to better manage their finances by prioritising essential spending, cutting non-essential costs, and building savings.
BY KINGSLEY ASARE
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