ACCRA- Ghana's consumer price inflation accelerated to 15.7% year-on-year in February from 13.9% the previous month, far outside the government's targeted band of 8% plus or minus 2%, the West African nation's statistics service said on Wednesday.

It was by far the largest jump in nine months of swelling prices, surpassing the record set between December and January. Inflation in Ghana is the highest it has been in more than five years.

Housing saw the largest price increase in February, up 25.4% from the previous month. Transport, which includes fuel prices, was up 18.3%.

Food prices surged by 17.4% after rising only 13.7% the previous month. Water, oil and cereal product prices increases were the greatest contributors.

Government statistician Samuel Kobina Annim told a news conference that the conflict between Ukraine and Russia could contribute to further inflation moving forward, particularly in regards to rising fuel prices.

"From the global perspective, Ghana cannot isolate itself from what is happening, in terms of the potential impact of recent events on fuel and transport," government statistician Samuel Kobina Annim told a news conference.

"It is time to arrest inflation, and as a country we cannot do that from a one-size-fits-all perspective," he added.

Ghana's central bank held its main interest rate at 14.5% in January, after surprising markets by raising it 100 basis points in November.

The monetary policy committee will meet from from March 23 to March 25 to discuss further adjustments. Last month Kobina said that he expected rising inflation to lead to more discussion around monetary policy.

(Reporting by Christian Akorlie and Cooper Inveen; Editing by Toby Chopra, William Maclean)