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Ghana’s inflation rate fell to 3.3 per cent in February 2026, extending a 14-month run of consecutive declines and marking the lowest level recorded since the 2021 rebasing of the Consumer Price Index (CPI).
Fresh figures published by the Ghana Statistical Service show that the CPI rose from 255.9 in February 2025 to 264.4 in February 2026, translating into a year-on-year increase of 3.3 per cent in the general price level.
On a monthly basis, prices inched up by 0.8 per cent between January and February this year, indicating only modest upward movement in the short term.
The February rate represents a further easing from the 3.8 per cent recorded in January 2026. More strikingly, it reflects a dramatic turnaround from the 23.1 per cent registered in February 2025 — a 19.8 percentage point decline within a year.
The data point to broad-based moderation in price pressures. Food and non-alcoholic beverages inflation slowed markedly to 2.4 per cent in February, down from 3.9 per cent in January, suggesting some relief in household food costs. Non-food inflation, however, edged up marginally to 4.0 per cent from 3.8 per cent.
When disaggregated by origin, locally produced goods recorded inflation of 4.5 per cent, slightly below the 4.6 per cent posted the previous month. Imported inflation fell sharply to 0.6 per cent from 2.0 per cent, indicating reduced pressure from external price factors.
Both goods and services recorded moderation. Goods inflation declined to 3.2 per cent from 3.7 per cent, while services inflation eased to 3.7 per cent from 4.2 per cent in January.
Regional disparities persisted. The Savannah Region recorded the lowest year-on-year inflation rate at negative 5.6 per cent, while the North East Region registered the highest at 8.9 per cent.
The sustained downward movement in inflation suggests that price stability is gradually being restored after the sharp volatility experienced in 2025. With inflation now firmly in low single digits, attention is likely to shift towards whether the trend can be maintained in the months ahead as policymakers seek to consolidate macroeconomic gains.
