Togo recorded an annual inflation rate of just 0.4 percent in February 2026, placing the country among the most price stable economies within the West African Economic and Monetary Union.
Data released by the National Institute of Statistics and Economic and Demographic Studies showed that the country’s Harmonized Consumer Price Index reached 103.6 in February, compared with 103.2 during the same period in 2025, using 2023 as the base year.
Month on month, prices rose by 0.7 percent compared with January 2026, reflecting moderate short term increases in certain food products and household expenses.
Despite this slight monthly rise, the 12 month average inflation rate remained extremely low at 0.1 percent. This figure is well below the 3 percent inflation ceiling used as a macroeconomic convergence benchmark across the WAEMU bloc.
Economists say such low inflation indicates relative price stability in the Togolese economy, particularly at a time when many countries across Africa and the world continue to face elevated living costs due to global supply disruptions, energy price volatility and currency pressures.
The moderation in annual inflation was largely driven by falling food prices over the past year. According to INSEED, food costs declined by 0.9 percent over a 12 month period, helping to offset price increases in other sectors of the economy. The most significant drop occurred in cereals, where prices fell by 17.8 percent year on year. Analysts attribute this decline to a strong agricultural season that boosted domestic maize supplies and improved availability of staple foods in local markets.
Food products play a critical role in shaping inflation in Togo because they account for nearly 28 percent of the average household consumption basket used to calculate the consumer price index. Lower food prices therefore have a strong impact on overall inflation levels and help cushion household budgets.
However, not all price categories experienced declines. The housing, water, electricity, gas and fuel segment recorded the most significant price increases during the period, rising by 6.3 percent over the year. Within that category, electricity, gas and other fuels rose sharply by 13 percent, becoming the primary drivers of inflationary pressure in the country.
Despite these increases, retail fuel prices remained unchanged across Togo during the reporting period. Premium petrol continued to sell at about 680 CFA francs per litre, while diesel remained stable at around 695 CFA francs per litre. Short term price spikes were also observed in some fresh food products due to seasonal supply fluctuations.
In Lomé, prices of local round tomatoes rose by 56 percent between January and February, while imported tomatoes surged by nearly 90 percent. Green chilli peppers also increased by more than 30 percent during the same period. Statisticians say these sharp monthly increases are linked to seasonal agricultural cycles that temporarily reduce supply before the next harvest.
Several smoked fish products also became more expensive over the month. Prices for smoked sardinella increased by about 10 percent, while smoked horse mackerel rose by approximately 6.1 percent. Meanwhile, core inflation, which excludes energy and fresh food products in order to measure underlying price pressures, remained flat on a monthly basis. This suggests that broader inflationary pressures in the economy remain relatively limited.
When compared with other members of the WAEMU region, Togo’s inflation performance remains among the lowest. Côte d’Ivoire recorded annual inflation of 1.4 percent, while Benin posted 0.9 percent and Senegal recorded 0.4 percent over the same period. Niger experienced a significantly different trend, with prices falling sharply into deflation at minus 10.2 percent year on year.
Across the WAEMU region as a whole, the union’s aggregate price index declined by 0.5 percent over the past year, reflecting broader price moderation in the regional economy. The Harmonized Consumer Price Index used by Togo is calculated monthly through surveys covering about 810 goods and services across 4,790 retail outlets nationwide. The data provides policymakers and economists with a detailed snapshot of price movements across the country.
Maintaining low and stable inflation is considered critical for economic stability, as it helps protect purchasing power, encourages investment and supports sustainable growth.
Namibia’s annual inflation slows to 2.4% in February
