Prices Cool Further as Inflation Falls to 3.3% in February
Ghana’s year-on-year inflation rate slowed further to 3.3 per cent in February 2026, extending the disinflation streak to 14 consecutive months and marking the lowest rate since the 2021 rebasing of the Consumer Price Index (CPI).
Figures released by the Ghana Statistical Service indicate that the CPI increased to 264.4 in February 2026 from 255.9 in February 2025, reflecting a 3.3 per cent rise in the general price level over the one-year period.
On a month-on-month basis, inflation was recorded at 0.8 per cent in February 2026, suggesting a slight increase in prices between January and February.
Compared with January’s 3.8 per cent, the February rate represents a 0.5 percentage point decline. It also marks a significant 19.8 percentage point reduction from the 23.1 per cent recorded in February 2025. The persistent downward movement highlights strengthening price stability and reinforces optimism about sustained macroeconomic recovery.
Food and non-food developments
Inflation for food and non-alcoholic beverages decelerated sharply to 2.4 per cent in February 2026 from 3.9 per cent in January. Non-food inflation, however, edged higher to 4.0 per cent from 3.8 per cent over the same period.
In terms of origin, locally produced goods registered inflation of 4.5 per cent, slightly lower than the 4.6 per cent posted in January. Imported goods saw a more notable easing, with inflation slowing to 0.6 per cent from 2.0 per cent a month earlier.
Goods inflation moderated to 3.2 per cent in February, down from 3.7 per cent in January. Services inflation also softened, declining to 3.7 per cent from 4.2 per cent within the same timeframe.
Regional breakdown
Regionally, the Savannah Region recorded the lowest year-on-year inflation rate at negative 5.6 per cent, while the North East Region posted the highest rate at 8.9 per cent.
The sustained easing in inflation signals a broad-based moderation in price pressures across the economy, underscoring ongoing macroeconomic stabilisation as the country continues to recover from the elevated inflationary conditions experienced in 2025.
