Ghana’s inflation continued its downward trend to 8.0% in October 2025, the lowest in four years, but new data from the Ghana Statistical Service (GSS) shows that price increases in key consumer goods, especially food, beverages, and household fuels, continued to drive overall inflation.
The Top 20 contributors to inflation for October were led by smoked herrings, green plantain, cinema and cultural services, cooked rice, and charcoal, which together accounted for nearly a quarter of total price pressures during the month.
According to the GSS’s Consumer Price Index (CPI) report, smoked herrings alone contributed 0.5 percentage points to the year-on-year inflation rate, despite recording a slowdown in its price growth from 23.8% in September to 16.4% in October.
Green plantain followed closely, with prices soaring 61.6%, up sharply from 14.2% a month earlier, adding 0.4 percentage points to overall inflation. The spike could be attributed to seasonal supply shortages and higher transport costs from major producing areas.
Other major contributors included cinema and cultural services, which rose 52.9%, cooked rice at 14.2%, and charcoal, which increased 37.7% year-on-year. Charcoal’s persistent price rise was driven by higher production and distribution costs amid increasing demand for household fuel alternatives.
The report also highlighted notable gains in ginger (+94.1%), vegetable oil (+35.8%), tomato paste (+29.4%), and electricity (+33.7%), all of which added significant weight to the inflation basket. Meanwhile, re-sold tap water, beef, cassava products (kokonte/dough), and kenkey with fried fish each contributed between 0.2 and 0.3 percentage points, showing that food items remain the core of Ghana’s inflation structure.
GSS data indicates that food and non-alcoholic beverages continue to dominate the inflation profile, contributing more than 4 percentage points to the overall 8% headline rate. Non-food items such as electricity, accommodation, and communication services made smaller but consistent contributions, reflecting pressures from energy and service costs.
The data shows that while headline inflation is falling, the structure of inflation remains food-driven. The stability in price of food markets will be key to sustaining the disinflation trend.
The October data marks Ghana’s gradual return to price stability but points to ongoing volatility in essential food and utility costs. Fiscal and monetary policies will have to focus on improving agricultural supply chains and reducing distribution bottlenecks to sustain the gains.
Regionally, North East recorded the highest inflation rate at 17.3%, while Bono East posted the lowest at 1.1%, underlining persistent price disparities across the country.
Despite these pressures, October marked the tenth consecutive month of falling inflation, reinforcing investor confidence in Ghana’s economic recovery.
