Ghana’s inflation rate dropped sharply to 3.3 per cent in February 2026, marking the lowest level since August 1999 and the rebasing of the Consumer Price Index (CPI) in 2021.
The reduction also represents the 14th consecutive monthly decline from the 23.1 per cent recorded in February 2025, signalling a sustained path towards macroeconomic stability, the Ghana Statistical Service (GSS) said on Wednesday.
The Service noted that the CPI for February stood at 264.4, up from 255.9 in the same month last year, while the month-on-month inflation was 0.8 per cent, reflecting a modest increase in the general price level between January and February 2026.
Data from GSS showed that food inflation eased to 2.4 per cent, down from 3.9 per cent in January, while non-food inflation rose slightly to 4.0 per cent from the 3.8 per cent in January 2026, indicating an increase of by 1.2 per cent month-to-month.
There was a slowdown in goods inflation, which accounted for nearly three-quarters of the CPI basket, what GSS described as a relief for consumers, particularly in essential categories such as food and household items, with services inflation moderating to 3.7 per cent.
Regional disparities remained pronounced as the North East Region recorded the highest inflation at 8.9 per cent, while the Savannah Region registered the lowest of negative 5.6 per cent.
Key drivers of inflation included housing, electricity, and education services, while items such as charcoal, plantain, and ginger contributed significantly to price pressures, with fresh produce like garden eggs, tomatoes, and maize recording sharp declines, easing overall food inflation.
Dr Alhassan Iddrisu, the Government Statistician, explained that the inflation rate of 3.3 per cent meant that on the average, the general prices level increased by 3.3 per cent in February 2026, compared to the rise of 23.1 per cent same period in 2025.
He noted that the 3.3 per cent resulted from bringing together the price change of 307 items in the inflation basket, marking a slowdown in the rate at which the general price level of goods and services rose.
“When we say that inflation has reduced from 23.1 to 3.3 per cent over one year, it doesn’t mean that the general price level has reduced. It means that the rate at which the prices are increasing has reduced,” Dr Iddrisu explained in response to a question posed by the Ghana News Agency.
“In both cases, the general price level is rising but in the first case, which is February 2025, we’re looking at the price level rising by 23.1 per cent but this year, we’re looking at 3.3 per cent,” he reiterated.
The Government Statistician recommended to businesses to invest in efficiency, strengthen local supply chains, reduce unnecessary costs and translate savings into more stable prices for consumers.
“With inflation easing, 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 said.
Dr Iddrisu urged the Government to maintain fiscal discipline, target investments in storage, irrigation, and transport to reduce regional disparities and sustain efforts to stabilise food prices.
Source: GNA
