Ghana’s inflation rate continued its downward trajectory in March, reaching 3.2 percent, the lowest level since the consumer price index was rebased in 2021, according to data released by the Ghana Statistical Service on Wednesday.
The latest figure represents a marginal decline from the 3.3 percent recorded in February and extends a disinflationary streak to 15 consecutive months. The annual rate has now fallen sharply from 22.4 percent in March 2025, underscoring a steady return to price stability following years of elevated inflationary pressures.
Government Statistician Alhassan Iddrisu attributed the sustained moderation to easing food prices, though he noted that non-food items continued to record marginal increases. On a month-on-month basis, prices edged up by 0.1 percent between February and March, indicating that underlying cost pressures have not yet fully dissipated.
Food inflation eased to 2.3 percent from 2.4 percent in the previous month, with food prices declining by 0.3 percent month-on-month. Non-food inflation also softened slightly to 3.9 percent, even as prices in that category rose by 0.3 percent over the same period.
A sharper deceleration was observed in goods inflation, which dropped to 1.7 percent from 3.2 percent in February, driven by a 1.0 percent month-on-month decline in goods prices. Given the significant weight of goods in the inflation basket, this trend was a primary factor behind the overall moderation.
In contrast, services inflation rose notably to 7.2 percent from 3.7 percent, suggesting that cost pressures are shifting to the services sector and could pose a new source of inflationary risk even as consumer goods prices stabilise.
The data also revealed a divergence between locally produced and imported goods. Inflation for locally produced items increased to 4.9 percent from 4.5 percent in February, while imported inflation fell to -0.6 percent, reflecting easing external price pressures and possible exchange rate gains.
Regional disparities remained pronounced, with the North East Region recording the highest inflation rate, while the Savannah Region posted deflation of -4.6 percent, highlighting variations in supply chains, transport costs, and market access across the country.
The latest figures reinforce signs of macroeconomic stabilisation in Ghana, which is emerging from its most severe economic crisis in decades. Declining inflation is expected to support household purchasing power and bolster business confidence.
