Inflation eases for 14th consecutive month in February

Latest reading: Consumer prices were up 3.3% on a year-on-year basis in February, following a 3.8% rise in the previous month. February's reading marked the 14th consecutive drop, bringing inflation to the lowest level since the 2021 rebase. Relative to the previous month's data, there were milder price pressures for food and beverages (+2.4% on a year-on-year basis vs +3.9% in January), transport (-7.5% vs -5.9% in January), clothing and footwear (+4.0% vs +4.8% in January) and recreation and entertainment (+10.3% vs +10.7% in January). In contrast, price pressures were higher for housing and utilities in February (+12.6% vs +9.3% in January). Finally, consumer prices were up 0.82% in February in month-on-month terms, following a 0.22% rise in the prior month.

Panelist insight: Leeuwner Esterhuysen from Oxford Economics commented on the outlook: “The US–Israel conflict with Iran has reverberated through global commodity markets and will inevitably show up in Ghana's price environment. So far, the cedi has held up relatively well amid the uncertainty. If the local unit continues to trade sideways, it will go a long way in containing the spillover to Ghanaian consumers. As such, we have lifted our inflation forecast for 2026 by only 0.4 ppt to 7.7%, while increasing the 2027 figure by 0.5 ppt to 10.2%.“

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