The Ghana Statistical Service (GSS) has identified food prices, transport costs, and persistent regional disparities as the major drivers of Ghana’s September 2025 inflation, which slowed to 9.4 per cent, the lowest in four years.
According to the latest Consumer Price Index (CPI) bulletin, food inflation fell to 11.0 percent from 14.8 percent in August, yet remained a key contributor to overall price increases.
The GSS noted that staple foods such as cereals, vegetables, and fish continued to account for a significant share of household expenditure, keeping food as a central driver of inflation despite the moderation.
Transport costs were also highlighted as an important factor influencing price trends. Rising month-on-month increases in fuel-related expenses and logistics challenges added pressure, particularly on goods transported across long distances.
“Transport is a critical channel through which inflation spreads, as higher distribution costs feed directly into market prices,” the report said.
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The GSS further pointed to sharp regional variations, with the North East recording the highest inflation rate at 20.1 percent compared to just 1.2 percent in Bono East.
These disparities, the GSS explained, are often linked to differences in local supply chains, storage capacity, and market access, making regional inflation one of the structural drivers shaping Ghana’s overall price movement.
Non-food inflation also eased to 8.2 percent from 9.7 percent in August, with services contributing modestly at 4.8 percent.
However, the Service cautioned that price pressures in utilities and health services could re-emerge if supply bottlenecks persist.
While the overall downward trend signals improved macroeconomic stability, the GSS stressed that inflation remains highly sensitive to food and transport shocks.
It urged coordinated policy efforts to improve agricultural storage, strengthen distribution networks, and enhance transport infrastructure to tackle the underlying drivers of price volatility.
“The slowdown in inflation is encouraging, but the structure of price drivers shows that households remain vulnerable to food and transport costs, addressing these core pressures is key to sustaining the gains,” the report said.
