Ghana’s inflation rate declined further to 3.3 per cent in February 2026, down from 3.8 per cent in January and significantly lower than the 23.1 per cent recorded in February last year, the Ghana Statistical Service (GSS) has announced.
According to the latest Consumer Price Index (CPI) data released by the GSS, the general price level continues to ease, marking sustained relief for households after years of elevated living costs.
The Service noted that February’s figure represents the 14th consecutive year-on-year decline in inflation since January 2025 and is the lowest rate recorded since the CPI rebasing in 2021.
In absolute terms, the CPI rose to 264.4 in February 2026 from 255.9 in February 2025 — reflecting a 3.3 per cent annual increase. On a month-on-month basis, prices increased by 0.8 per cent between January and February, indicating a relatively modest pace of price growth.
Overall, inflation has fallen by 19.8 percentage points over the past year, signalling a sharp turnaround from the severe cost-of-living pressures the country faced.
Food prices recorded one of the most notable improvements. Food inflation — which includes food and non-alcoholic beverages and accounts for 42.7 per cent of the CPI basket — dropped to 2.4 per cent in February from 3.9 per cent in January. On a monthly basis, food prices edged up by just 0.2 per cent.
Non-food inflation, however, rose slightly 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 decline recorded in January.
Imported goods showed marked stability. Year-on-year inflation for imported items slowed to 0.6 per cent in February from 2.0 per cent in January. On a monthly basis, imported goods prices dipped marginally by 0.02 per cent, suggesting that recent relative stability of the cedi may be influencing consumer prices.
Locally produced goods recorded year-on-year inflation of 4.5 per cent in February, slightly higher than January’s 4.4 per cent, with a month-on-month increase of 1.2 per cent.
Regionally, inflation trends varied. The Savannah Region recorded the lowest inflation rate at negative 2.6 per cent, meaning prices were lower than a year earlier. In contrast, the North East Region posted the highest rate at 8.9 per cent — more than double the national average.
The sustained decline in inflation is likely to shape upcoming monetary policy decisions by the Bank of Ghana.
