Ghana’s inflation rate continued its steady decline, falling to 3.3 per cent in February 2026, down from 3.8 per cent in January and a sharp drop from 23.1 per cent recorded in February 2025, according to the latest Consumer Price Index data released by the Ghana Statistical Service.
The February figure marks the 14th consecutive month of year-on-year inflation decline since January 2025 and represents the lowest rate since the CPI was rebased in 2021. The overall CPI stood at 264.4 in February 2026, compared to 255.9 in February 2025, reflecting a year-on-year increase of just 3.3 per cent.
On a month-on-month basis, prices rose modestly by 0.8 per cent between January and February, indicating that the pace of price increases remains under control.
Food inflation, which carries the heaviest weight in the CPI basket at 42.7 per cent, eased significantly to 2.4 per cent in February from 3.9 per cent in January — a 1.5 percentage point drop. Month-on-month, food prices increased by only 0.2 per cent.
Non-food inflation edged slightly higher to 4.0 per cent from 3.8 per cent in January, with a month-on-month rise of 1.2 per cent.
Imported goods showed remarkable stability, with year-on-year inflation falling to 0.6 per cent in February from 2.0 per cent in January. On a month-on-month basis, prices of imported items actually declined marginally by 0.02 per cent, a reflection of the cedi’s relative strength in recent weeks.
Locally produced goods recorded year-on-year inflation of 4.5 per cent in February, slightly up from 4.4 per cent in January, with a month-on-month increase of 1.2 per cent.
Regionally, inflation varied widely. The Savannah Region posted the lowest rate at minus 2.6 per cent — meaning prices there were actually lower than a year earlier. The North East Region recorded the highest at 8.9 per cent, more than double the national average.
The sustained easing of inflation is expected to provide some breathing room for households still recovering from years of high living costs. It is also likely to influence the Bank of Ghana’s upcoming monetary policy decisions, with analysts watching closely for signals on interest rates and liquidity management.
The Ghana Statistical Service noted that the downward trend reflects a combination of improved supply conditions, exchange rate stability and the impact of government policies aimed at stabilising prices. However, officials cautioned that external shocks, particularly in global energy and food markets, could pose risks to the disinflation process in the months ahead.
