Inflation falls to 3.3% in February 2026, lowest since 2021 CPI rebasing
Ghana’s year-on-year inflation rate eased further to 3.3 per cent in February 2026, down from 3.8 per cent in January 2026 and a steep decline from 23.1 per cent recorded in February 2025, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).
The February print marks the 14th consecutive month of decline in 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, underscoring 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 per cent annual inflation rate. On a month-on-month basis, inflation was 0.8 per cent, indicating that the general price level rose moderately between January and February 2026.
A key driver of the decline was the continued slowdown in food inflation. Food and non-alcoholic beverages, which carry a weight of 42.7 per cent in the CPI basket, recorded year-on-year inflation of 2.4 per cent in February 2026, down sharply from 3.9 per cent in January — a 1.5 percentage point drop.
Month-on-month food inflation also slowed significantly to 0.2 per cent from 1.1 per cent in January, suggesting easing pressures on staple prices.
In contrast, non-food inflation, which accounts for 57.3 per cent of the basket, edged up slightly to 4.0 per cent in February from 3.8 per cent in January. On a monthly basis, non-food inflation rose to 1.2 per cent, reversing the -0.5 per cent recorded in January.
The data further showed that inflation for imported items declined markedly to 0.6 per cent in February 2026 from 2.0 per cent in January — a 1.4 percentage point drop. On a month-on-month basis, imported goods recorded -0.02 per cent inflation, signalling relative price stability.
Locally produced items, however, recorded year-on-year inflation of 4.5 per cent, marginally higher than the 4.4 per cent posted in January. Month-on-month inflation for local goods stood at 1.2 per cent.
Goods inflation declined to 3.2 per cent in February from 3.7 per cent in January, while services inflation eased to 3.7 per cent from 4.2 per cent over the same period.
On a monthly basis, goods inflation rose to 0.94 per cent compared to 0.03 per cent in January, while services inflation slowed to 0.3 per cent from 0.5 per cent.
At the regional level, the Savannah Region recorded the lowest inflation rate at -2.6 per cent in February 2026, indicating a decline in prices, while the North East Region posted the highest rate at 8.9 per cent.
The sustained decline from 23.1 per cent in February 2025 to 3.3 per cent in February 2026 signals significant easing of price pressures and points to improving macroeconomic stability.
Source: 3News
