Ghana’s year-on-year inflation rate declined to 3.3 percent in February 2026, down from 3.8 percent recorded in January, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).
The figure marks a sharp decline from 23.1 percent recorded in February 2025, highlighting a significant easing of price pressures in the economy.
Data from the GSS shows that the CPI for February 2026 stood at 264.4, compared to 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 slightly between January and February 2026.
The February rate represents the 14th consecutive decline in year-on-year inflation since January 2025 and is the lowest recorded since the CPI rebasing in 2021. Overall, inflation has dropped by 19.8 percentage points over the past year.
A breakdown of the data shows that the decline was largely driven by lower food inflation, while non-food inflation recorded a marginal increase.
Food inflation including non-alcoholic beverages, which carry 42.7 percent weight in the CPI basket — slowed to 2.4 percent in February, down from 3.9 percent in January, representing a 1.5 percentage point drop. On a month-on-month basis, food inflation also fell to 0.2 percent, compared to 1.1 percent in January.
Meanwhile, non-food inflation, which accounts for 57.3 percent of the basket, increased slightly to 4.0 percent in February from 3.8 percent in January. Month-on-month non-food inflation rose to 1.2 percent, compared to -0.5 percent recorded in January.
In terms of origin, locally produced items recorded a year-on-year inflation rate of 4.5 percent in February, slightly higher than 4.4 percent in January. Month-on-month inflation for locally produced goods stood at 1.2 percent.
However, imported goods recorded a significant decline in inflation, dropping to 0.6 percent in February from 2.0 percent in January. On a month-on-month basis, imported items recorded -0.02 percent, indicating relative price stability.
Inflation for goods 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 during the same period.
Regionally, the Savannah Region recorded the lowest inflation rate at -2.6 percent, while the North East Region recorded the highest inflation rate at 8.9 percent.
The steady drop in inflation from 23.1 percent in February 2025 to 3.3 percent in February 2026 signals improving macroeconomic stability.
Economists say the sustained disinflation trend could influence future monetary policy decisions, as authorities seek to maintain price stability while supporting economic growth.
