Ghana’s inflation rate eased to 5.4% in December 2025, extending a year-long disinflation trend and reaching its lowest level since the consumer price index was rebased in 2021, data released by the Ghana Statistical Service showed.
The December reading compares with 6.3% in November and 23.8% a year earlier, marking an 18.4 percentage-point decline over 12 months. Government Statistician Dr. Alhassan Iddrisu said the sustained slowdown reflects broad-based easing in price pressures and improving macroeconomic conditions.
On a month-on-month basis, consumer prices rose 0.9% between November and December, indicating that short-term price movements persist but within a clearly downward longer-term trend.
Food inflation, which accounts for about 43% of household spending, fell sharply to 4.9% year on year from 27.8% in December 2024 and 6.6% in November. Non-food inflation also moderated, easing to 5.8% from 20.3% a year earlier. Both categories recorded modest month-on-month increases, underscoring lingering but contained pressures.
Goods inflation slowed to 5.8% from 23.1% a year earlier, providing relief across nearly three-quarters of the CPI basket. Services inflation edged up to 4.5% from 3.8% in November but remained well below its 15.4% level a year ago.
Price pressures eased for both domestically produced and imported items. Inflation for locally produced goods declined to 5.9% from 26.4% a year earlier, while imported inflation slowed to 4.3% from 18%, suggesting that disinflation is being driven by both domestic and external factors.
Regional data showed wide disparities. The Eastern Region recorded the highest annual inflation at 11.2%, while the Savannah Region posted deflation of 1.2%. Five regions, Eastern, Greater Accra, Ashanti, Central and Western together accounted for more than 80% of overall inflation, reflecting their heavier weights in household consumption.
At the item level, charcoal, green plantain, smoked herrings, cinema and cultural services, and ginger were the biggest contributors to inflation, together accounting for more than 40% of the headline rate. Price declines in items such as garden eggs, cabbage and fried fish helped to offset upward pressures.
Presenting the data in Accra, Dr. Iddrisu said the figures point to increasing price stability, though inflation pressures are now concentrated in a narrower set of items and regions. He urged the government to stay the course on fiscal discipline, sustain efforts to stabilize food prices, and step up investment in storage, transport, irrigation and market access to address supply constraints and reduce regional disparities.
For businesses, he said easing inflation provides room to invest in efficiency, strengthen local supply chains and translate cost savings into more stable prices. Households, he added, can plan budgets with greater confidence while prioritizing essentials and building savings.
“The steady fall in inflation shows that stability is within reach when informed decisions are guided by reliable data,” Dr. Iddrisu said.
