Inflation drops to 3.3% in February 2026, lowest since 2021 CPI rebase

Ghana’s year-on-year inflation rate eased further to 3.3 percent in February 2026, down from 3.8 percent in January 2026 and a sharp drop from 23.1 percent recorded in February 2025, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).

The February figure marks the 14th consecutive month of declining year-on-year inflation since January 2025 and represents the lowest rate recorded since the CPI rebasing in 2021. Over the past 12 months, inflation has fallen by 19.8 percentage points, reflecting a sustained disinflation trend.

The CPI for February 2026 stood at 264.4, up from 255.9 in February 2025, translating into the 3.3 percent annual inflation rate. On a month-on-month basis, inflation rose moderately by 0.8 percent between January and February 2026.

A major contributor to the decline was the continued slowdown in food inflation. Food and non-alcoholic beverages, which carry a 42.7 percent weight in the CPI basket, recorded year-on-year inflation of 2.4 percent in February 2026, down from 3.9 percent in January — a 1.5 percentage point drop. Month-on-month food inflation also slowed significantly to 0.2 percent from 1.1 percent in January, indicating easing pressures on staple prices.

In contrast, non-food inflation, which accounts for 57.3 percent of the basket, edged up slightly to 4.0 percent in February from 3.8 percent in January. On a monthly basis, non-food inflation rose to 1.2 percent, reversing the -0.5 percent recorded in January.

The data further showed that inflation for imported items fell markedly to 0.6 percent in February from 2.0 percent in January — a 1.4 percentage point drop. Month-on-month, imported goods recorded -0.02 percent inflation, indicating relative price stability. Locally produced items, however, posted year-on-year inflation of 4.5 percent, slightly higher than the 4.4 percent recorded in January, with monthly inflation for local goods at 1.2 percent.

Goods inflation declined to 3.2 percent in February from 3.7 percent in January, while services inflation eased to 3.7 percent from 4.2 percent over the same period. On a monthly basis, goods inflation rose to 0.94 percent compared to 0.03 percent in January, while services inflation slowed to 0.3 percent from 0.5 percent.

Regionally, the Savannah Region recorded the lowest inflation rate at -2.6 percent, reflecting a decline in prices, while the North East Region posted the highest rate at 8.9 percent.

The sustained decline from 23.1 percent in February 2025 to 3.3 percent in February 2026 indicates a significant easing of price pressures and points to improving macroeconomic stability in the country.