Ghana’s year-on-year inflation rate has declined further to 3.3 percent in February 2026, marking the 14th consecutive monthly drop and the lowest level recorded since the 2021 rebasing of the Consumer Price Index (CPI).

According to data released by the Ghana Statistical Service, the CPI for February 2026 stood at 264.4, up from 255.9 in February 2025. This represents a 3.3 percent increase in the general price level over the 12-month period.

On a month-on-month basis, inflation was 0.8 percent in February 2026, indicating that prices rose marginally between January and February this year.

The February inflation rate represents a 0.5 percentage point drop from the 3.8 percent recorded in January 2026, and a sharp 19.8 percentage point decline from the 23.1 percent recorded in February 2025. The steady downward trend signals improving price stability and strengthens expectations of sustained macroeconomic recovery.

Food and Non-Food Trends

Food and non-alcoholic beverages inflation slowed significantly to 2.4 percent in February 2026, down from 3.9 percent in January. Non-food inflation, however, edged up to 4.0 percent from 3.8 percent the previous month.

In terms of origin, locally produced items recorded inflation of 4.5 percent, slightly down from 4.6 percent in January. Imported items saw a sharper slowdown, with inflation falling to 0.6 percent from 2.0 percent in January.

Goods and Services

Inflation for goods declined to 3.2 percent in February from 3.7 percent in January. Services inflation also dropped to 3.7 percent from 4.2 percent over the same period.

Regional Performance

At the regional level, the Savannah Region recorded the lowest year-on-year inflation rate of negative 5.6 percent, while the North East Region recorded the highest at 8.9 percent.

The continued decline in inflation suggests easing price pressures across most sectors of the economy, reinforcing signs of macroeconomic stabilisation as Ghana moves further away from the high inflation environment experienced in 2025.