Accra, March 4, – Ghana’s inflation rate declined sharply to 3.3 per cent in February 2026, the lowest level recorded since August 1999 and since the Consumer Price Index (CPI) was rebased in 2021.
The figure also marks the 14th consecutive monthly decline from the 23.1 per cent recorded in February 2025, signalling continued progress towards macroeconomic stability, the Ghana Statistical Service (GSS) said on Wednesday.
According to the GSS, the CPI for February stood at 264.4, compared with 255.9 in the same month last year, while month-on-month inflation was 0.8 per cent, indicating a modest rise in the general price level between January and February 2026.
Food inflation dropped to 2.4 per cent from 3.9 per cent in January, while non-food inflation edged up slightly to 4.0 per cent, from 3.8 per cent in the previous month.
The data also showed a slowdown in goods inflation, which accounts for nearly three-quarters of the CPI basket. The GSS described this development as a relief for consumers, particularly in essential categories such as food and household items. Services inflation moderated to 3.7 per cent.
Inflation rates varied significantly across regions. The North East Region recorded the highest rate at 8.9 per cent, while the Savannah Region posted the lowest at negative 5.6 per cent.
Housing, electricity, and education services were among the key contributors to inflationary pressures during the period. Items such as charcoal, plantain and ginger also pushed prices upward.
However, the prices of some fresh produce, including garden eggs, tomatoes and maize, declined sharply, contributing to the easing of food inflation.
Dr Alhassan Iddrisu, the Government Statistician, explained that the 3.3 per cent inflation rate meant that the general price level rose by 3.3 per cent in February 2026 compared with February 2025, when prices increased by 23.1 per cent.
He noted that the inflation figure was derived from price movements across 307 items in the CPI basket, reflecting a slower pace of price increases for goods and services.
“When we say inflation has fallen from 23.1 to 3.3 per cent over one year, it does not mean that prices have fallen,” Dr Iddrisu told the Ghana News Agency.
“It simply means the rate at which prices are increasing has slowed. In both cases, prices are still rising, but the pace of increase is much lower this year.”
Dr Iddrisu advised businesses to improve operational efficiency, strengthen local supply chains and reduce unnecessary costs to help maintain price stability.
He also encouraged households to plan their finances carefully.
“With inflation easing, families can plan their budgets with greater confidence. This is the time to track spending on essentials such as food, rent and school fees, avoid unnecessary expenditure and save where possible,” he said.
Dr Iddrisu further urged the Government to maintain fiscal discipline and prioritise investments in storage, irrigation and transportation infrastructure to reduce regional disparities and sustain the downward trend in food prices.
GHBUSS
4 March 2026
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