Ghana’s disinflation trend continued in February 2026, with year-on-year inflation falling to 3.3 per cent from 3.8 per cent in January and a steep 23.1 per cent a year earlier, according to new data from the Ghana Statistical Service (GSS).
The CPI rose to 264.4 in February 2026 from 255.9 in the same month last year, producing an annual inflation rate of 3.3 per cent. Month-on-month inflation stood at 0.8 per cent, reflecting moderate price increases between January and February.
February marks the 14th straight month of declining year-on-year inflation since January 2025 and the lowest rate recorded since the 2021 CPI rebasing. In total, inflation has fallen by nearly 20 percentage points over the past year.
The slowdown was driven largely by food prices. Food inflation, which makes up 42.7 per cent of the CPI basket, dropped to 2.4 per cent from 3.9 per cent in January. On a monthly basis, food inflation slowed sharply to 0.2 per cent from 1.1 per cent.
In contrast, non-food inflation rose marginally to 4.0 per cent from 3.8 per cent, with month-on-month inflation rebounding to 1.2 per cent after a -0.5 per cent decline in January.
Locally produced goods registered a year-on-year inflation rate of 4.5 per cent, slightly higher than January’s 4.4 per cent, while imported inflation eased significantly to 0.6 per cent from 2.0 per cent. Imported goods prices were broadly stable month-on-month, recording -0.02 per cent.
Across major divisions, goods inflation slowed to 3.2 per cent from 3.7 per cent, while services inflation eased to 3.7 per cent from 4.2 per cent.
On a monthly basis, goods inflation accelerated to 0.94 per cent, whereas services inflation moderated to 0.3 per cent.
At the regional level, inflation ranged from -2.6 per cent in the Savannah Region to 8.9 per cent in the North East Region.
The sustained decline in inflation over the past year points to easing cost pressures, improved price stability, and strengthening macroeconomic conditions.
