By Ashiadey Dotse
The Ghana Statistical Service has announced that Ghana’s year-on-year inflation rate dropped to 3.3% from 3.8% in February 2026.
According to the latest Consumer Price Index (CPI) data released by the Service, inflation declined from 3.8 percent in January 2026 to 3.3% in February 2026. This marks a sharp fall compared to the 23.1% recorded in February 2025.
The CPI for February 2026 stood at 264.4%, up from 255.9% in February 2025. On a month-on-month basis, inflation was 0.8%, meaning the general price level increased slightly between January and February 2026.
The February figure represents the 14th consecutive decline in year-on-year inflation since January 2025. It is also the lowest rate recorded since the CPI rebasing in 2021. Over the past year, inflation has dropped by 19.8 percentage points.
Food inflation slowed significantly during the period. Food and non-alcoholic beverages, which account for 42.7% of the CPI basket, recorded an inflation rate of 2.4% in February 2026, down from 3.9% in January 2026. On a month-on-month basis, food inflation was 0.2% in February, compared to 1.1% in January.
Non-food inflation, which makes up 57.3% of the basket, stood at 4.0% in February 2026, slightly up from 3.8% in January. Month-on-month non-food inflation rose to 1.2% from minus 0.5% recorded in January.
Locally produced goods recorded a year-on-year inflation rate of 4.5 percent in February 2026, slightly higher than the 4.4 percent recorded in January. Month-on-month inflation for locally produced goods was 1.2 percent.
Imported goods saw inflation ease sharply to 0.6 percent in February 2026 from 2.0 percent in January. On a month-on-month basis, imported goods recorded minus 0.02 percent, indicating relative price stability.
Goods inflation declined to 3.2% in February from 3.7% in January, while services inflation eased to 3.7% from 4.2% over the same period. Month-on-month, goods inflation was 0.94%, while services inflation slowed to 0.3%.
At the regional level, the Savannah Region recorded the lowest inflation rate at minus 2.6% in February 2026, while the North East Region recorded the highest rate at 8.9%.
The steady drop in inflation from 23.1% in February 2025 to 3.3% in February 2026 signals easing price pressures and improving macroeconomic stability. The continued downward trend is expected to guide monetary policy decisions in the coming months as authorities seek to maintain price stability while supporting economic growth.
