Inflation rate has eased further to 3.2 percent in March 2026, down from 3.3 percent in February, marking the lowest level since the rebasing of the Consumer Price Index (CPI) in 2021.
The latest figures come despite mounting global fuel price pressures linked to geopolitical tensions involving Iran, the United States and Israel.
Data released by the Ghana Statistical Service also show a sharp year-on-year decline in inflation from 22.4 percent recorded in March 2025, which underscores a sustained disinflation trend in the economy.
On a month-on-month basis, however, prices inched up marginally by 0.1 percent between February and March, suggesting that while inflation is slowing, cost pressures have not entirely abated.
A breakdown of the data indicates that food inflation dipped slightly from 2.4 percent to 2.3 percent, while non-food inflation also declined to 3.9 percent.
In contrast, services inflation rose sharply to 7.2 percent, highlighting persistent price pressures in sectors such as transport, energy and utilities.
Goods prices provided some relief to consumers, declining by 1.0 percent over the period.
Inflation for locally produced items, however, rose to 4.9 per cent, while imported goods saw a 0.6 percent decline in inflation, which reflects easing external price pressures in certain categories.
Regional disparities remained evident, with the North East Region recording the highest inflation rate at 8.6 percent.
In contrast, the Savannah Region experienced deflation, with prices contracting by 4.6 percent.
Meanwhile, average lending rates declined in March, which signals cautious optimism within the financial sector about the inflation outlook.
Commercial banks offered rates around 21.5 percent, down from 22.1 per cent in February.
By Florence Asamoah Adom