Dr. Alhassan Iddrisu
The country’s Consumer Price Index (CPI) for January 2026 stood at 262.3, up from 252.6 in January 2025. This increase in the index translates into a year-on-year inflation rate of 3.8%, the lowest since 2021.
‎‎On a month-on-month basis, inflation was 0.2%, meaning prices increased by 0.2% between December 2025 and January 2026.
‎‎Government Statistician, Dr. Alhassan Iddrisu, presenting the data yesterday in Accra, stated that the January 2026 inflation rate of 3.8% is significant for several reasons.
“Firstly, it is down from the 5.4% recorded in December 2025, representing a 1.6% decline in one month. Secondly, it marks the 13th consecutive month of decline in inflation,” he added.
‎‎‎‎Elaborating on food inflation, he said that, the year-on-year food inflation was 3.9%, down from 4.9% in December 2025.
‎‎”This tells us that food prices are rising much more slowly than they were a few months ago. On a month-on-month basis, food prices increased by 1.1% between December 2025 and January 2026. This likely reflects seasonal factors, including post-harvest adjustments, higher demand at the beginning of the year, among others”, he explained.
‎‎‎‎Non-food inflation declined from 5.8% in December 2025 to 3.9% in January 2026. More importantly, on a month-on-month basis, non-food prices fell by 0.4%, meaning, prices of items such as petrol, diesel, baby diapers, gas, and charcoal, which all belong to the category, declined over the month.
‎‎”This decline played a major role in keeping overall inflation low”, he added.
‎‎He indicated that, Inflation for goods slowed to 3.6% (down from 5.8% in Dec 2025), while services inflation eased to 4.0% (from 4.5%). Locally produced items’ inflation fell to 4.5%, while imported items’ inflation dropped to 2.0%.
‎‎On regional inflation North East Region recorded the highest inflation (11.2%) and Savannah recorded the lowest inflation (negative 2.6%).
‎‎He went on to say that, top contributors to inflation were of charcoal, green plantain, smoked herrings, etc. (making 52% of overall inflation).
‎”Bottom contributors to inflation include Garden eggs (negative 58.7%), fried plantain (negative 50.7%), etc. (dragging inflation down by 24%),” he stated.
‎‎‎‎Dr. Iddrisu explained that, the data suggests region-specific solutions are needed to address inflation effectively, given the disparities across regions.
‎‎He said, it’s important for the government to sustain the fiscal discipline, continue efforts to stabilise food prices, and invest in storage, irrigation, transport, and market access to reduce regional disparities
‎‎”For households, this is a good time to plan budgets with greater confidence, prioritise essentials, avoid non-essential spending, and save where possible”, Dr. Iddrisu added.
‎By Janet Odei Amponsah