Inflation Falls to 3.3% in February, Lowest Level Since 2021 CPI Rebasing

Ghana’s year-on-year inflation rate declined to 3.3 percent in February 2026, down from 3.8 percent in January 2026 and significantly lower than the 23.1 percent recorded in February 2025. This is according to the latest Consumer Price Index (CPI) report released by the Ghana Statistical Service (GSS).

The CPI for February 2026 rose to 264.4 from 255.9 in February 2025, resulting in a year-on-year inflation rate of 3.3 percent. On a month-on-month basis, inflation stood at 0.8 percent, indicating a 0.8 percent increase in overall price levels between January and February 2026.

This marks the 14th straight month of declining year-on-year inflation since January 2025 and represents the lowest rate recorded since the CPI was rebased in 2021. Over the past year, inflation has dropped by 19.8 percentage points.

Food inflation saw a notable slowdown, while non-food inflation experienced a slight increase. Food inflation, including non-alcoholic beverages and accounting for 42.7 percent of the CPI basket, eased to 2.4 percent in February from 3.9 percent in January a decrease of 1.5 percentage points. Month-on-month food inflation also fell to 0.2 percent from 1.1 percent.

Non-food inflation, which makes up 57.3 percent of the basket, rose marginally to 4.0 percent in February 2026 from 3.8 percent in January. On a month-on-month basis, non-food inflation increased to 1.2 percent, compared to -0.5 percent recorded in January.

Locally produced goods recorded a year-on-year inflation rate of 4.5 percent in February, slightly above the 4.4 percent seen in January. Month-on-month inflation for local goods stood at 1.2 percent.

Inflation for imported items dropped sharply to 0.6 percent in February from 2.0 percent in January, reflecting a 1.4 percentage point decline. On a month-on-month basis, imported goods recorded -0.02 percent, suggesting relative price stability.

Goods inflation decreased to 3.2 percent 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 rose to 0.94 percent from 0.03 percent, whereas services inflation slowed to 0.3 percent from 0.5 percent.

Regionally, the Savannah Region recorded the lowest inflation rate at -2.6 percent in February 2026, while the North East Region registered the highest at 8.9 percent.

Overall, the steady decline in inflation from 23.1 percent in February 2025 to 3.3 percent in February 2026 reflects easing price pressures and improving macroeconomic conditions. The sustained disinflation trend is expected to influence upcoming monetary policy decisions as authorities work to maintain price stability while promoting economic growth.