Togo’s inflation rate slowed further in January 2026, underscoring a sustained easing of price pressures after a year of stabilization, official data showed.
Consumer inflation eased to zero point two percent in January, down from zero point four percent in December 2025 and two point nine percent a year earlier, according to figures released by the National Institute of Statistics and Economic and Demographic Studies (INSEED-Togo).
The data indicate that inflation has remained below the three percent convergence threshold set by the West African Economic and Monetary Union (WAEMU) since December 2024, placing Togo in compliance with the regional price stability criterion throughout 2025.
“Inflation has been below three percent since 2024. Togo met the WAEMU convergence criterion on inflation in 2025,” INSEED-Togo head Akoly Gentry said during a media briefing.
The Harmonized Consumer Price Index (HCPI) stood at 102.8 in January 2026, virtually unchanged from its level a year earlier, indicating flat prices on a year-on-year basis. The index is based on monthly nationwide data collection covering both urban and rural areas and tracks the cost of a fixed basket of goods and services consumed by households, including food, housing, transport, health and communications.
While overall inflation remained subdued, the data revealed contrasting movements across spending categories.
Food and non-alcoholic beverage prices fell by four point three percent year-on-year, helping to contain headline inflation. By contrast, prices for housing, water, electricity, gas and other fuels rose sharply by nine point eight percent, driven mainly by higher costs of solid fuels. Prices at restaurants and hotels increased by three point three percent, while health-related costs rose by one percent.
On a month-on-month basis, consumer prices rose zero point six percent between December 2025 and January 2026, reflecting short-term pressures largely linked to food items. Fresh produce prices increased by two point eight percent over the month, contributing to the overall uptick.
On a quarterly basis, prices were up one point five percent, supported mainly by food and energy costs, INSEED-Togo said.
Across the WAEMU region, inflation edged slightly lower on average, while remaining broadly stable in Togo, suggesting that domestic price dynamics have been relatively contained despite ongoing pressures from energy costs and seasonal food price fluctuations.
Authorities have cited improved supply conditions, targeted social measures and prudent macroeconomic management as factors supporting price stability. However, officials have acknowledged that rising energy and housing costs remain a potential risk to inflation in the coming months.
For policymakers, the continued moderation in inflation provides room to focus on growth and social spending, while maintaining alignment with regional convergence criteria seen as critical for macroeconomic stability within the WAEMU bloc.
Background to Togo’s inflation
Togo has maintained relatively low and stable inflation over the past several years, a trend that reflects a combination of prudent macroeconomic management, regional monetary policy, and gradual improvements in supply conditions.
The country is a member of the West African Economic and Monetary Union (WAEMU), which operates a common currency, the CFA franc, and a shared central bank. WAEMU sets a convergence threshold for inflation at three percent, which Togo has consistently met since late 2024. Membership in the union helps anchor expectations, limit exchange rate volatility, and provide a framework for fiscal and monetary discipline.
Togo’s inflation is measured using the Harmonized Consumer Price Index (HCPI), which tracks a fixed basket of goods and services including food, housing, transport, health, and communications. Historically, price fluctuations have been influenced by food and energy costs, weather-related shocks, and imported inflation from regional and global markets.
Between 2020 and 2025, Togo experienced a period of relative stability, with annual inflation generally remaining below the WAEMU ceiling. This stability has been supported by government policies to improve the supply of staple foods, targeted subsidies for vulnerable households, and ongoing investment in energy and infrastructure.
Food prices, which account for a large share of household spending, have historically been the main driver of short-term inflation spikes. Seasonal variations, fluctuations in agricultural output, and logistics constraints in rural areas can cause temporary increases, although these are often offset by periods of price decline.
Energy costs, including electricity, cooking fuels, and transportation, also play a key role in Togo’s inflation dynamics. Government efforts to stabilize tariffs, expand access to electricity, and promote renewable energy have contributed to containing inflationary pressures in recent years.
The country’s economic authorities closely monitor inflation as part of broader macroeconomic management. Maintaining low and predictable inflation is seen as critical for protecting household purchasing power, supporting private investment, and meeting regional convergence criteria required for WAEMU participation.
Overall, Togo’s recent experience — including the 0.2 percent inflation rate in January 2026 reflects a combination of favorable supply conditions, disciplined monetary policy, and structural measures aimed at enhancing resilience to external shocks. Policymakers continue to emphasize the importance of price stability while pursuing growth, social development, and expanded access to energy and services.
