Ghana records 14th straight drop in inflation

Ghana's inflation rate declined to 3.3 per cent in February 2026, representing the 14th consecutive monthly decline and the lowest level recorded since the Consumer Price Index (CPI) was rebased in 2021, according to fresh data published by the Ghana Statistical Service.

The February rate marks a 19.8 percentage point plunge from the 23.1 per cent recorded in the same month last year.

Presenting the figures during an online briefing today, the Government Statistician, Dr Alhassan Iddrisu, revealed that the CPI rose from 255.9 in February 2025 to 264.4 in February 2026, translating into a year-on-year increase of 3.3 per cent in the general price level. Month-on-month, prices edged up by a modest 0.8 per cent between January and February this year.

"The steady drop in inflation from 23.1 per cent in February 2025 to 3.3 per cent in February 2026 shows a sustained shift in prices, signalling a firm path to macroeconomic stability," Dr Iddrisu told the briefing.

Food prices ease while non-food inflation creeps up

The data points to broad-based moderation in price pressures, with food and non-alcoholic beverages inflation slowing markedly to 2.4 per cent in February, down from 3.9 per cent in January, suggesting some relief in household food costs. Non-food inflation, however, edged up marginally to 4.0 per cent from 3.8 per cent over the same period.

This means that on average, the price of goods and services increased by 3.3 per cent between February 2025 and February 2026, while the month-on-month inflation rate of 0.8 per cent indicates only modest upward movement in the short term.

Dr Iddrisu described the February 2026 year-on-year inflation as "the 14th consecutive drop in inflation since January 2025, the lowest inflation since price rebasing in 2021, 0.5 percentage points drop from the January 2026 inflation of 3.8 per cent, and 19.8 percentage points drop from the February 2025 inflation of 23.1 per cent."

Imported inflation collapses to 0.6%

When disaggregated by origin, locally produced goods recorded inflation of 4.5 per cent, slightly below the 4.6 per cent posted the previous month. More strikingly, imported inflation fell sharply to 0.6 per cent from 2.0 per cent, indicating significantly reduced pressure from external price factors.

Both goods and services recorded moderation. Goods inflation declined to 3.2 per cent from 3.7 per cent, while services inflation eased to 3.7 per cent from 4.2 per cent in January. Since goods account for nearly three-quarters of the CPI basket, the slowdown in goods inflation offers considerable relief for consumers where it matters most.

Dr Iddrisu noted that inflation for goods slowed to 3.2 per cent in February 2026 from 3.7 per cent in January 2026. However, goods prices increased by 0.94 per cent month-on-month.

Regional disparities

Despite the national decline, sharp regional differences persist. The Savannah Region recorded the lowest year-on-year inflation rate at negative 5.6 per cent, indicating falling prices, while the North East Region registered the highest at 8.9 per cent. Five regions recorded inflation rates above the national average of 3.3 per cent.

Greater Accra, with the highest weight of 28.5 per cent in the national index, recorded inflation of 4.8 per cent and contributed 41.5 per cent to overall inflation. Ashanti Region followed with a 24 per cent contribution, while Eastern Region contributed 19.2 per cent.

Dr Iddrisu attributed these disparities to local supply conditions, transport costs, and market access. "Sharp regional differences persist as inflation is uneven across the country. North East Region recorded the highest rate at 8.9 per cent, while Savannah had the lowest at -5.6 per cent. Local supply, transport costs, and market access could be driving these gaps."

Charcoal and plantain lead contributors to inflation

Among individual items, charcoal contributed most to overall inflation at 0.52 percentage points, despite recording a month-on-month price decline of 2.4 per cent. Plantain followed closely with a 0.5 percentage point contribution, though its month-on-month price also fell by 1.1 per cent.

Cinema and cultural services, public and private secondary school fees, river fish, and smoked herrings rounded out the top six contributors. Notably, school fees recorded a 4.0 per cent month-on-month increase, reflecting continued pressure on education costs.

The top ten items contributing to inflation together account for 87.4 per cent of the overall inflation rate, according to the Statistical Service.

At the division level, housing, water, electricity, gas and other fuels recorded the highest year-on-year inflation at 12.6 per cent, followed by recreation, sport and culture at 10.3 per cent. Insurance and financial services recorded 8.8 per cent, while education services posted 7.1 per cent.

Transport recorded negative 7.5 per cent inflation, reflecting continued declines in fuel and related costs. Information and communication recorded the lowest positive inflation at 0.8 per cent.

In terms of contribution to overall inflation, housing and utilities contributed 1.28 percentage points, food and non-alcoholic beverages contributed 1.02 percentage points, while education services and recreation contributed 0.47 and 0.36 percentage points respectively.

Policy implications for businesses, households and government

Dr Iddrisu offered targeted recommendations for different economic actors, noting that with inflation easing, businesses now have room to invest in efficiency, strengthen local supply chains, reduce inefficiencies, and translate savings into more stable prices for consumers.

For households, he advised that families can plan their budgets with greater confidence. "This is the time to track spending on food, rent, and school fees, avoid non-essential expenses, and set aside small savings whenever possible to strengthen household finances."

He urged government to "stay the course on fiscal discipline, sustain efforts to stabilise food prices, and target investments in storage, irrigation, transport, and market access to reduce regional disparities."