Ghana’s year-on-year inflation rate saw a further decline to 3.3% in February 2026, down from 3.8% in January and a stark contrast to the 23.1% recorded in February 2025.
According to the latest Consumer Price Index data from the Ghana Statistical Service, the index reached 264.4 in February.
This performance represents the 14th consecutive monthly decline and the lowest rate since the 2021 CPI rebasing, marking a total reduction of 19.8 percentage points over the past year.
On a month-on-month basis, the general price level increased by 0.8% between January and February.
The broader disinflation trend was largely driven by a significant easing in food prices, which carry a 42.7% weight in the CPI basket.
Food inflation slowed to 2.4% in February from 3.9% in January, a drop of 1.5 percentage points.
Conversely, non-food inflation, representing 57.3% of the basket, edged up slightly to 4.0% in February from 3.8% in January.
Internal dynamics show that locally produced items recorded a year-on-year inflation of 4.5% in February, marginally higher than the previous month’s 4.4%.
In contrast, imported items saw inflation drop significantly to 0.6% from 2.0% in January.
The 1.4 percentage point decrease in imported inflation, coupled with a month-on-month rate of -0.02%, indicates strong relative price stability for foreign goods.
Sector-specific data reveals that goods inflation declined to 3.2% while services inflation eased to 3.7%.
Regionally, the Savannah Region recorded the lowest inflation at -2.6%, while the North East Region saw the highest rate at 8.9%. Overall, the steady descent from 23.1% to 3.3% signals sustained macroeconomic stability.
