Togo recorded an annual inflation rate of 0.4 percent in February, maintaining one of the most stable price environments in the West African Economic and Monetary Union, according to data from the National Institute of Statistics and Economic and Demographic Studies (INSEED).
The country’s harmonized consumer price index (HCPI) stood at 103.6 last month, compared with 103.2 in February 2025, with 2023 as the base year. Month-on-month, prices rose 0.7 percent from January 2026.
The 12-month average inflation rate, one of the convergence indicators monitored by WAEMU, was 0.1 percent, well below the bloc’s 3 percent ceiling, highlighting Togo’s relative price stability.
INSEED attributed the moderation in annual inflation primarily to falling food prices, which declined 0.9 percent over 12 months. Cereals were the largest contributor, with prices dropping 17.8 percent year-on-year following a strong agricultural season that increased domestic maize supplies. Food products account for nearly 28 percent of the Togolese household consumption basket.
Conversely, housing, water, electricity, gas and other fuels posted the largest increases, rising 6.3 percent year-on-year and emerging as the main drivers of inflation. The electricity, gas and other fuels subgroup climbed 13.0 percent over the same period. Fuel prices remained stable, with premium unleaded petrol at 680 CFA francs per litre and diesel at 695 CFA francs nationwide.
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Fresh vegetables recorded significant monthly price increases. Local round tomatoes rose 56 percent between January and February in Lomé, imported tomatoes climbed nearly 90 percent, and green chili peppers increased more than 30 percent, with INSEED citing seasonal factors linked to agricultural cycles.
Several smoked fish products also became more expensive, including smoked sardinella, up 10 percent, and smoked horse mackerel, up 6.1 percent. Core inflation, which excludes energy and fresh food products, remained flat on a monthly basis, indicating no broad-based price pressures.
Within WAEMU, Togo’s inflation rate was among the lowest. Côte d’Ivoire posted 1.4 percent annual inflation, Benin 0.9 percent and Senegal 0.4 percent. By contrast, Niger experienced sharp deflation of minus 10.2 percent over 12 months. The union’s aggregate index fell 0.5 percent year-on-year.
The Togolese HCPI is calculated monthly using a survey of 810 products across 4,790 outlets nationwide, providing a detailed measure of price changes for consumers throughout the country.
Analysts say Togo’s low inflation reflects stable domestic food production and effective price monitoring, positioning the country as one of the region’s most price-stable economies amid broader economic volatility in West Africa.
Togo is a member of the West African Economic and Monetary Union, which shares a common currency, the CFA franc, and aims to promote economic integration and monetary stability among its members. One of the union’s key economic benchmarks is the convergence criterion for inflation, which sets a ceiling of 3 percent for member states to ensure price stability.
Togo’s economy is relatively small and heavily dependent on agriculture, services, trade, and remittances. Food items make up a significant portion of household consumption, making agricultural production and seasonal harvests key drivers of price changes. Government policies, including subsidies and price monitoring, also play a role in moderating inflation, while energy costs and housing remain important sources of price pressure.
The country’s National Institute of Statistics and Economic and Demographic Studies (INSEED) compiles the Harmonized Consumer Price Index (HCPI) monthly, surveying hundreds of products across thousands of outlets nationwide. This index allows Togo and WAEMU authorities to monitor inflation trends and guide economic and monetary policy.
Within the WAEMU region, Togo has consistently reported one of the lowest inflation rates, alongside Senegal. By contrast, countries such as Niger occasionally experience deflationary pressures, while others, including Côte d’Ivoire and Benin, see moderate price increases.
Stable inflation contributes to economic predictability, which benefits households, businesses, and government planning. Analysts note that Togo’s relatively low inflation in recent years reflects strong domestic cereal production, careful management of fuel prices, and targeted policies to mitigate volatility in essential goods.
Monitoring inflation is critical for Togo and WAEMU as a whole, given the region’s vulnerability to fluctuations in global commodity prices, seasonal agricultural cycles, and energy costs. Maintaining low and stable inflation helps preserve purchasing power, supports private-sector growth, and aligns member states with regional convergence objectives.
