Ghana’s inflation rate decreased to 3.3 percent in February 2026, down from 3.8 percent in January and a significant drop from 23.1 percent recorded a year ago, according to the latest report from the Ghana Statistical Service (GSS).
The new Consumer Price Index (CPI) data highlights an easing of the general price level, providing much-needed relief for Ghanaian households that have faced years of escalating living costs.
As highlighted in the GSS report, the February figure represents the 14th consecutive month of declining year-on-year inflation since January 2025, marking the lowest inflation rate recorded since the CPI was rebased in 2021.
In practical terms, the CPI reached 264.4 in February 2026 compared to 255.9 in February 2025, reflecting a year-on-year inflation increase of 3.3 percent.
On a month-to-month comparison, prices showed a modest rise of 0.8 percent between January and February, indicating a controlled pace of inflation.
Over the past year, inflation has dropped by an impressive 19.8 percentage points, a considerable turnaround for the economy, which has been grappling with one of its most challenging cost-of-living crises.
A notable sign of this easing pressure comes from the food sector. Food inflation—which includes food and non-alcoholic beverages, carrying a weight of 42.7 percent in the CPI—declined sharply to 2.4 percent in February, down from 3.9 percent in January. Month-over-month, food prices rose only by 0.2 percent.
In contrast, non-food inflation exhibited a slight increase, rising to 4.0 percent in February from 3.8 percent recorded the previous month. Month-on-month, non-food prices increased by 1.2 percent, reversing the -0.5 percent seen in January.
The inflation of imported goods demonstrated substantial stability, as year-on-year inflation for these items decreased to 0.6 percent in February, down from 2.0 percent in January. Month-over-month, there was a slight decline of -0.02 percent in prices of imported goods, suggesting that the recent stability of the cedi is beginning to impact consumer prices positively.
In contrast, locally produced goods faced a year-on-year inflation rate of 4.5 percent in February, slightly up from 4.4 percent in January, with a month-on-month inflation reading of 1.2 percent.
The inflation trend varied across different regions. The Savannah Region recorded the lowest inflation rate at -2.6 percent, indicating prices are lower than they were a year ago. Meanwhile, the North-East Region experienced the highest rate at 8.9 percent, significantly above the national average.
This continuing trend of disinflation is expected to play a crucial role in shaping the Bank of Ghana’s forthcoming monetary policy decisions.
