Inflation drops to 3.3% in February 2026, lowest since 2021 rebasing
Ghana’s year on year inflation rate declined further to 3.3 percent in February 2026, down from 3.8 percent in January 2026 and a sharp fall from 23.1 percent recorded in February 2025, according to the latest Consumer Price Index data released by the Ghana Statistical Service.
The CPI for February 2026 stood at 264.4, compared to 255.9 in February 2025, resulting in a year on year inflation rate of 3.3 percent. On a month on month basis, inflation was 0.8 percent, meaning the general price level increased by 0.8 percent between January and February 2026.
The February rate marks the 14th consecutive decline in year on year inflation since January 2025 and is the lowest recorded since the CPI rebasing in 2021. Over the past year, inflation has fallen by 19.8 percentage points.
Data breakdown shows a notable easing in food inflation, while non food inflation edged up slightly. Food inflation including non alcoholic beverages, which carries a weight of 42.7 percent in the CPI basket, slowed to 2.4 percent in February 2026 from 3.9 percent in January 2026, representing a 1.5 percentage point drop.
On a month on month basis, food inflation was 0.2 percent in February, compared to 1.1 percent in January.
Non food inflation, which accounts for 57.3 percent of the basket, stood at 4.0 percent in February 2026, up from 3.8 percent in January 2026. Month on month non food inflation rose to 1.2 percent from negative 0.5 percent in January.
By origin, locally produced items recorded year on year inflation 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.
Inflation on imported items eased significantly to 0.6 percent in February 2026 from 2.0 percent in January, a 1.4 percentage point decline. On a month on month basis, imported goods recorded negative 0.02 percent, indicating relative price stability.
Goods inflation declined to 3.2 percent in February from 3.7 percent in January, while services inflation eased to 3.7 percent from 4.2 percent over the same period.
Month on month, goods inflation was 0.94 percent compared to 0.03 percent in January, while services inflation slowed to 0.3 percent from 0.5 percent.
At the regional level, the Savannah Region recorded the lowest inflation rate at negative 2.6 percent in February 2026, while the North East Region posted the highest rate at 8.9 percent.
Overall, the steady decline in inflation from 23.1 percent in February 2025 to 3.3 percent in February 2026 reflects a sustained easing of price pressures and signals improving macroeconomic stability.