Ghana’s year-on-year inflation rate declined 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 CPI for February 2026 stood at 264.4, up from 255.9 in February 2025, translating into a year-on-year inflation rate of 3.3 percent. On a month-on-month basis, inflation was 0.8 percent, indicating that the general price level increased by 0.8 percent between January and February 2026.
The February figure marks the 14th consecutive decline in year-on-year inflation since January 2025 and represents the lowest rate recorded since the CPI rebasing in 2021. Inflation has fallen by 19.8 percentage points over the past year.
A breakdown of the data shows a significant easing in food inflation, while non-food inflation edged up slightly. Food inflation (including non-alcoholic beverages), which carries a weight of 42.7 percent in the CPI basket, slowed to 2.4 percent in February 2026 from 3.9 percent in January 2026 — a 1.5 percentage point decline.
On a month-on-month basis, food inflation was 0.2 percent in February, down from 1.1 percent in January.
Non-food inflation, which accounts for 57.3 percent of the basket, stood at 4.0 percent in February 2026, compared to 3.8 percent in January 2026. Month-on-month non-food inflation was 1.2 percent, up from -0.5 percent recorded in January.
In terms of origin, locally produced items recorded year-on-year inflation of 4.5 percent in February 2026, marginally higher than the 4.4 percent recorded in January.
Month-on-month inflation for locally produced goods was 1.2 percent.
Imported items saw inflation ease significantly to 0.6 percent in February 2026 from 2.0 percent in January — a 1.4 percentage point drop. On a month-on-month basis, imported goods recorded -0.02 percent, indicating relative price stability.
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.
Month-on-month, goods inflation was 0.94 percent compared to 0.03 percent in January, while services inflation slowed to 0.3 percent from 0.5 percent.
At the regional level, the Savannah Region recorded the lowest inflation rate at -2.6 per cent in February 2026, while the North East Region recorded the highest inflation rate at 8.9 per cent.
Overall, the steady drop in inflation from 23.1 per cent in February 2025 to 3.3 per cent in February 2026 signals a sustained easing of price pressures and points to improving macroeconomic stability.
The continued disinflation trend is likely to shape monetary policy decisions in the months ahead as authorities seek to consolidate gains in price stability while supporting economic growth.
