Ghana’s Inflation Falls to 3.3% in February, Lowest Since 2021 Rebase
Consumer Price Index shows year-on-year inflation declines to 3.3%, signaling easing price pressures
- Ghana’s year-on-year inflation fell to 3.3% in February 2026, down from 3.8% in January and 23.1% in February 2025
- Food inflation slowed to 2.4%, while non-food inflation edged up to 4.0%
- The Savannah Region recorded the lowest inflation at -2.6%, the North East the highest at 8.9%
Ghana’s year-on-year inflation slowed further to 3.3 percent in February 2026, down from 3.8 percent in January 2026, and a sharp decline from 23.1 percent recorded in February 2025, according to the Ghana Statistical Service (GSS).
The Consumer Price Index (CPI) for February 2026 stood at 264.4, up from 255.9 in February 2025. On a month-on-month basis, inflation rose by 0.8 percent, indicating a modest increase in general price levels between January and February 2026.
February’s figure marks the 14th consecutive month of year-on-year inflation decline since January 2025 and represents the lowest inflation rate recorded since the CPI rebasing in 2021. Over the past year, inflation has fallen by 19.8 percentage points.
A closer look at the data shows a significant easing in food inflation, while non-food inflation edged up slightly. Food inflation, including non-alcoholic beverages—which carries a weight of 42.7 percent in the CPI basket—slowed to 2.4 percent in February 2026 from 3.9 percent in January 2026, a 1.5 percentage point decline. Month-on-month, food inflation rose 0.2 percent, down from 1.1 percent in January.
Non-food inflation, which accounts for 57.3 percent of the CPI basket, stood at 4.0 percent in February, compared to 3.8 percent in January. Month-on-month, non-food inflation increased to 1.2 percent from -0.5 percent recorded in January.
By origin, locally produced items recorded year-on-year inflation of 4.5 percent in February, slightly higher than 4.4 percent in January, with month-on-month inflation at 1.2 percent. Imported goods saw a significant slowdown, easing to 0.6 percent in February from 2.0 percent in January. Month-on-month, imported items recorded -0.02 percent, reflecting relative price stability.
In terms of sectoral breakdown, goods inflation fell to 3.2 percent in February from 3.7 percent in January, while services inflation slowed to 3.7 percent from 4.2 percent. Month-on-month, goods inflation was 0.94 percent compared to 0.03 percent, and services inflation slowed to 0.3 percent from 0.5 percent.
Regionally, the Savannah Region recorded the lowest inflation at -2.6 percent, while the North East Region had the highest at 8.9 percent.
The sustained decline in inflation from 23.1 percent in February 2025 to 3.3 percent in February 2026 reflects easing price pressures and signals improving macroeconomic stability. Analysts note that this continued disinflation trend is likely to influence monetary policy decisions in the coming months, as authorities aim to consolidate price stability while supporting economic growth.
