Inflation drops to 3.3% in February
Ghana’s disinflation trend gathered further momentum in February 2026, with year-on-year inflation easing to 3.3 per cent, the lowest level recorded since the 2021 rebasing of the Consumer Price Index (CPI).
New data released by the Ghana Statistical Service (GSS) show that the February rate represents a decline from 3.8 per cent in January 2026 and a sharp fall from the 23.1 per cent recorded in February 2025. The latest figure marks the fourteenth consecutive month of deceleration in headline inflation since January 2025, underscoring a sustained moderation in price pressures across the economy.
Over the twelve-month period, inflation has dropped by 19.8 percentage points, reflecting a significant turnaround in macroeconomic conditions and a steady easing of consumer price growth.
The CPI stood at 264.4 in February 2026, compared with 255.9 in February 2025, translating into the 3.3 per cent annual inflation rate. On a month-on-month basis, however, prices rose by 0.8 per cent between January and February, indicating a moderate uptick in the general price level.
A major contributor to the easing trend was food inflation, which slowed markedly during the month under review. Food and non-alcoholic beverages, which account for 42.7 per cent of the CPI basket recorded year-on-year inflation of 2.4 per cent in February, down from 3.9 per cent in January, a decline of 1.5 percentage points.
On a monthly basis, food inflation eased to 0.2 per cent from 1.1 per cent in January, suggesting that price pressures on key staples moderated considerably.
In contrast, non-food inflation, which carries a weight of 57.3 per cent in the CPI basket, rose slightly on an annual basis to 4.0 per cent in February from 3.8 per cent in January. Month-on-month, non-food prices increased by 1.2 per cent, reversing the -0.5 per cent recorded the previous month.
Inflation on imported goods recorded a notable slowdown. Year-on-year imported inflation fell to 0.6 per cent in February from 2.0 per cent in January, a 1.4 percentage point drop. On a monthly basis, imported goods posted marginal deflation of -0.02 per cent, signalling relative stability in external price pressures.
Locally produced goods, however, recorded a year-on-year inflation rate of 4.5 per cent, slightly higher than the 4.4 per cent registered in January. Month-on-month inflation for local items stood at 1.2 per cent.
Disaggregated data show that goods inflation declined to 3.2 per cent in February from 3.7 per cent in January. Services inflation also eased, falling to 3.7 per cent from 4.2 per cent over the same period.
On a monthly basis, goods inflation rose to 0.94 per cent from 0.03 per cent in January, while services inflation slowed to 0.3 per cent from 0.5 per cent.
At the sub-national level, price movements varied significantly. The Savannah Region recorded the lowest inflation rate at -2.6 per cent in February, indicating a general decline in prices. By contrast, the North East Region posted the highest inflation rate at 8.9 per cent.
The continued fall in inflation from 23.1 per cent in February 2025 to 3.3 per cent in February 2026 signals a marked easing of price pressures and points to improving macroeconomic stability, a development likely to influence monetary policy considerations in the months ahead.
