The latest Consumer Price Index released by the Ghana Statistical Service (GSS) shows that Ghana’s inflation rate fell for the eighth consecutive month, reaching 11.5% in August 2025, the lowest level since October 2021.
This drop marks a significant turnaround from the 23.8% peak recorded in December 2024, signaling that government stabilization measures are beginning to take effect.
Food inflation, though easing, remains the largest contributor. The GSS noted that year-on-year, food prices rose by 14.8% in August, down from 15.1% in July.
Ghana’s inflation drops for 8th straight month
On a month-to-month basis, food prices fell sharply by 2.5%, providing relief for households.
Non-food inflation followed the same trend, dropping from 9.5% in July to 8.7% in August, with prices remaining almost flat (-0.1% month-on-month).
The data shows that goods inflation slowed to 13.9% from 14.2% in July, with goods prices falling 1.6% between July and August. By contrast, services remained relatively stable, showing less volatility than goods.
This indicates that the easing in goods prices, particularly food, is the strongest factor behind the recent disinflation.
The GSS report highlighted that local products remain more inflation-prone than imported ones. Locally produced items recorded inflation of 12.9%, compared to 10.0% for imports.
The faster easing of import prices has been attributed to a stronger cedi and falling global costs for commodities and freight.
This contrast points to persistent domestic supply chain pressures and rising production costs at home.
However, inflation continues to vary sharply across regions, with Upper West recording the highest inflation at 21.8% and Bono East posting the lowest at 6.1%. Experts link these gaps to transport costs, supply routes, and market access, which remain uneven across the country.
The latest figures suggest that while Ghana is making steady progress toward price stability, domestic cost pressures and regional disparities still pose risks.
The GSS noted that moderation in import prices has cushioned the economy, but achieving sustainable stability will depend on addressing local production bottlenecks, logistics challenges, and regional imbalances.
SSD/MA
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