Ghana’s year-on-year inflation rate declined to 3.3 percent in February 2026, the lowest level recorded since the 2021 rebasing of the Consumer Price Index (CPI), according to the latest data released by the Ghana Statistical Service (GSS).
The new figure represents a 0.5 percentage point drop from the 3.8 percent recorded in January 2026, continuing a downward trend that has now lasted 14 consecutive months.
Explaining the figures, the Ghana Statistical Service said year-on-year inflation measures how prices have changed compared to the same period in the previous year.
“On average, prices in February 2026 were 3.3 percent higher than they were in February 2025,” the Service stated during the presentation of the latest inflation report.
The decline is particularly significant when compared to the 23.1 percent inflation rate recorded in February 2025, representing a 19.8 percentage point drop within a year.
On a month-on-month basis, inflation stood at 0.8 percent, meaning prices rose by less than one percent between January and February 2026.
Food inflation recorded a major slowdown, falling to 2.4 percent in February from 3.9 percent in January. Month-on-month, food prices increased slightly by 0.2 percent.
The Ghana Statistical Service noted that the decline in food inflation is important because food items make up a large portion of the consumer basket and significantly affect household spending.
However, non-food inflation rose slightly to 4.0 percent, compared to 3.8 percent in January, with month-on-month prices increasing by 1.2 percent.
The data also showed a decline in goods inflation, which dropped to 3.2 percent from 3.7 percent in January, while services inflation eased to 3.7 percent from 4.2 percent.
When the origin of products was considered, inflation for locally produced goods dropped marginally to 4.5 percent, while inflation for imported items fell sharply to 0.6 percent from 2.0 percent in January.
According to the Statistical Service, “exchange rate stability and favourable global price conditions are helping to moderate imported inflation.”
Across the regions, inflation trends varied. The North East Region recorded the highest inflation rate at 8.9 percent, while the Savannah Region experienced negative inflation of 5.6 percent, indicating that prices generally declined there.
On a month-on-month basis, Greater Accra recorded the highest increase in prices at 2.4 percent, while the Western Region recorded the lowest at negative 2.7 percent.
At the item level, the main contributors to inflation were charcoal, green plantain, cinema or cultural services, secondary school fees, and river fish, which together accounted for 55.5 percent of the overall inflation rate.
Some items recorded significant price increases, with green plantain topping the list at 67.9 percent, followed by ginger (59.1 percent), shrimps (58.1 percent), charcoal (53.1 percent), and crab (46.9 percent).
Meanwhile, several items experienced sharp price declines, including garden eggs, pawpaw, fried fish, kontomire, and fresh okro, which helped ease overall inflation.
“These items together reduced overall inflation by 17.3 percent in February 2026,” the Service said.
The Ghana Statistical Service concluded that the current trend suggests inflation is now being driven by a limited number of items rather than broad price increases across the economy, indicating improving macroeconomic stability.
