The latest data from the Ghana Statistical Service (GSS) shows that charcoal, plantain and school-related costs were the main drivers of inflation in February. However, overall price pressures continued to ease.

According to GSS, the top 20 items alone accounted for the bulk of the 3.3 percent year-on-year inflation recorded last month.

The commodity that contributed the most is charcoal, posting a 53.1 per cent year-on-year increase. Although prices dipped slightly month-on-month, its weight in household consumption kept it at the top of the inflation table.

The second driver of inflation was unripe plantain, which saw year-on-year prices shoot up by 67.9 percent, reinforcing continued volatility in staple food markets. River fish and smoked herrings also recorded double-digit increases, highlighting persistent pressure on protein sources.

Another driver of last month's inflation was educational expenses. Public and private secondary school fees rose 10 percent year-on-year and increased 4 percent between January and February. Pre-primary and primary education costs also contributed to overall price growth.

On the other hand, housing-related costs saw a 7.4 percent year-on-year increase, with a sharp month-on-month rise of 5.3 percent. Resold tap water and refuse disposal charges also added to inflationary pressures.

Other notable contributors included vegetable oil, cooked rice, tomato paste, yams, beef, hotel accommodation, and local dishes such as fufu with soup and kenkey with fried fish.

Despite the easing in headline inflation to its lowest level since the 2021 rebasing, the item-level breakdown suggests that price pressures remain concentrated in food staples, household energy substitutes, and education services, key areas that directly affect household disposable income and consumer spending.

For businesses, the data point to continued cost sensitivity in food retail, hospitality, housing, and private education, even as macroeconomic stability gradually improves.

A member of the Minority in Parliament, Bosome-Freho, Nana Asafo-Adjei Ayeh, has argued that the recent improvements in Ghana’s key economic indicators, such as the appreciation of the Cedi, the decline in inflation and others, have not translated into better living conditions for Ghanaians.

Addressing the media on Wednesday, February 4, the Member of Parliament (MP) for Bosome-Freho, Nana Asafo-Adjei Ayeh, indicated that all these economic indicators are only visible on paper.

“The only thing the NDC has done well is their records on paper. They have been very tactical with everything on paper. I won’t even be surprised if inflation goes to zero because everything looks good on paper.

“The cedi is depreciating on paper, inflation is going down on paper, and interest rates are reducing on paper. But the reality on the ground is different. They can celebrate the inflation rate on paper, but as far as we are concerned, the inflation that is affecting our pockets and daily lives is far worse than it was in 2023,” he said.

His comment is a reaction to the recent drop in Ghana’s inflation rate for January 2026. Ghana recorded its 13th consecutive decline in inflation, with the rate easing from 5.4% in December to 3.8% in January 2026, according to the latest data from the Ghana Statistical Service (GSS).

The Statistical Service has attributed the development to a slower rise in the prices of essential food items, largely due to improved availability. Ghana ended 2025 with an inflation rate of 5.4 per cent, a 0.9 percentage decline from 6.3 per cent recorded in November 2025.

The downward trend of inflation has been attributed to easing food prices. Food inflation fell to 4.9 per cent in December, down from 6.6 per cent in November, as price increases for several key food items slowed.

Also, food inflation was been attributed as a major driver in the falling inflation rate, providing some relief to households after months of heightened cost-of-living pressures.

Charcoal and staple foods such as plantains and bread have been identified as major contributors to the country’s cost-of-living pressures, which pushed up the November 2025 inflation rate.According to the last Consumer Price Index breakdown, other factors that affect inflation are basic household goods and utility-related expenses.

The breakdown highlighted charcoal as the number one inflation driver after its year-on-year contribution increased to 9.2%. The second-largest contributor, smoked herrings, recorded a 7.6% increase in inflation. Unripe plantain, placed third, recorded 6.8%, making it the third biggest contributor to food inflation in November.

The inflation rate for November 2025 saw a decrease from the 8.0% recorded in October to 6.3% in the same period, according to the Ghana Statistical Service (GSS). This marks the eleventh month in a row since October 2021.

Addressing the media on Wednesday, December 3, the Government Statistician, Dr. Alhassan Iddrisu, mentioned that broad-based improvements in both food and non-food inflation, supported by stabilising market conditions, significantly caused the decline.

In October, the GSS announced an 8.0% inflation rate, down from 9.4% recorded in September. The 1.4 percentage point drop from the previous month marks the lowest level since June 2021, sustaining ten consecutive months of consistent decline.