Despite Ghana’s headline inflation easing to 3.2 per cent in March 2026—the 15th consecutive month of decline—Ghana Statistical Service (GSS) warns that services are driving price increases, affecting households more than goods.
While prices for everyday goods, which make up about 73 per cent of household spending, fell to 1.7 per cent inflation in March, the cost of services surged to 7.2 per cent, nearly double February’s 3.7 per cent. Services such as private school fees, rent, and utility bills ranked among the top contributors to inflation, accounting for 25.3 per cent year-on-year.
Government Statistician Dr Alhassan Iddrisu explained that while consumers enjoy cheaper food and household items, the rising costs in education, housing, and utilities are placing significant pressure on household budgets. “Services are becoming more expensive even as goods prices decline,” he noted, adding that these three areas now account for 87.5 per cent of total inflation.
Housing and utilities emerged as the largest drivers, contributing 40.6 per cent of total inflation due to rising rents and energy costs, while education inflation hit 8.1 per cent, largely attributed to private institutions. Dr Iddrisu clarified that public sector school fees had remained stable, suggesting the private sector is the main source of pressure.
He urged both businesses and households to respond proactively: businesses should improve operational efficiency and pass savings from lower inflation to consumers, while households are encouraged to budget carefully, monitor spending on essentials, and build small savings buffers.
“The GSS remains committed to providing accurate and timely data to support evidence-based decisions and national development,” Dr Iddrisu said, emphasizing the need for vigilance in the services sector despite the broader positive inflation trend.
