Togo's annual inflation holds at 0.4% in February, among lowest in WAEMU

Economic governance

Saturday, 14 March 2026 18:19

Togo's annual inflation holds at 0.4% in February, among lowest in WAEMU

(Togo First) - Togo's annual inflation rate was 0.4% in February 2026, making the country one of the most price-stable economies in West Africa, according to data published by the National Institute of Statistics and Economic and Demographic Studies (INSEED).

The harmonized consumer price index (HCPI) came in at 103.6 last month, compared with 103.2 in February 2025, with 2023 as the base year (100). Month-on-month, prices rose 0.7% compared with January 2026.

The 12-month average inflation rate, one of the convergence indicators monitored by the West African Economic and Monetary Union (WAEMU), stood at 0.1%, well below the bloc's 3% ceiling.

The moderation in annual inflation was driven primarily by a decline in food prices, which fell 0.9% over 12 months. Cereals were the largest contributor to that easing, dropping 17.8% year-on-year following a strong agricultural season that boosted domestic maize supplies.

Food products account for nearly 28% of the Togolese household consumption basket, according to INSEED basket weights.

Housing, water, electricity, gas and other fuels posted the sharpest increase, rising 6.3% year-on-year and emerging as the main driver of inflation during the period. The electricity, gas and other fuels sub-group climbed 13.0% over 12 months.

Fuel prices, however, remained unchanged, with premium unleaded petrol holding at 680 CFA francs per liter and diesel at 695 CFA francs across the country.

Fresh vegetable prices recorded sharp monthly increases. Local round tomatoes rose 56% between January and February in Lomé, imported tomatoes climbed nearly 90%, and green chili peppers increased more than 30%. INSEED attributed these movements to seasonal factors linked to agricultural cycles.

Several smoked fish products also became more expensive, including smoked sardinella, up 10%, and smoked horse mackerel, up 6.1%.

Core inflation, calculated excluding energy and fresh products, was flat on a monthly basis, indicating no broad-based price pressures.

Within WAEMU, Togo recorded one of the most stable price profiles. Côte d'Ivoire posted annual inflation of 1.4%, Benin 0.9% and Senegal 0.4%. Niger, by contrast, was in sharp deflation at minus 10.2% over 12 months. The union's aggregate index fell 0.5% year-on-year.

The Togolese HCPI is calculated monthly from a survey covering 810 products across 4,790 outlets nationwide.

Fiacre E. Kakpo

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