New data released by the Ghana Statistical Service shows that year-on-year inflation slowed to 3.3 per cent in February 2026, from 3.8 per cent in January and a dramatic 23.1 per cent in February 2025. While much attention has focused on the steady decline — now 14 consecutive months — a closer look at the figures reveals a changing inflation dynamic beneath the headline rate.
The sharp easing in overall inflation has largely been driven by food prices, which appear to be stabilising after months of volatility. Food and non-alcoholic beverages, which account for 42.7 per cent of the Consumer Price Index (CPI) basket, recorded year-on-year inflation of 2.4 per cent in February, down from 3.9 per cent in January. On a monthly basis, food inflation slowed significantly to 0.2 per cent from 1.1 per cent the previous month, pointing to easing pressures on staple commodities.
However, non-food inflation is beginning to show renewed momentum. Year-on-year non-food inflation edged up to 4.0 per cent in February from 3.8 per cent in January. On a month-on-month basis, it rose sharply to 1.2 per cent, reversing the -0.5 per cent recorded in January. This suggests that while food prices are cooling, underlying cost pressures in other sectors may be re-emerging.
The divergence between imported and locally produced goods further highlights this shift. Inflation for imported items declined markedly to 0.6 per cent year-on-year in February, down from 2.0 per cent in January. On a monthly basis, imported goods recorded -0.02 per cent inflation, signalling relative price stability and possibly reflecting exchange rate stability or softer global price conditions.
In contrast, locally produced items recorded year-on-year inflation of 4.5 per cent, marginally higher than January’s 4.4 per cent. Month-on-month inflation for local goods stood at 1.2 per cent, suggesting that domestic cost structures — including transportation, utilities, and input costs — may still be exerting pressure.
Goods inflation eased to 3.2 per cent in February from 3.7 per cent in January, while services inflation also slowed to 3.7 per cent from 4.2 per cent. Yet on a monthly basis, goods inflation climbed to 0.94 per cent, compared to 0.03 per cent in January, indicating that short-term price movements remain active despite the broader disinflation trend.
Regionally, disparities persist. The Savannah Region recorded deflation of -2.6 per cent in February, signalling an actual decline in prices, while the North East Region posted the highest inflation rate at 8.9 per cent — underscoring uneven price developments across the country.
With the CPI now at 264.4, up from 255.9 a year earlier, the broader picture suggests that Ghana has entered a new inflation phase. The steep fall from 23.1 per cent in February 2025 to 3.3 per cent in February 2026 reflects significant macroeconomic adjustment. But as food pressures ease and non-food costs begin to firm up, policymakers may need to watch emerging domestic cost drivers to ensure the current stability is sustained.
