Ghana’s month-on-month inflation posted its sharpest rebound of the year in September 2025, rising 0.9% after contracting by 1.3% in August. The 2.2 percentage point swing was the largest movement in the rate of change in prices recorded so far this year.
Data from the Ghana Statistical Service show that monthly inflation has followed a zig-zag path in 2025 rather than a smooth decline. Rates rose by 1.7% in January and 1.3% in February, then slowed to 0.2% in March.
After moderate increases in April and May, inflation slipped into negative territory in June at -1.2%. That contraction was followed by a 0.7% rise in July, before another fall in August and the sharp rebound in September.
The September rate stands out as the largest month-to-month correction, signalling that while inflationary pressures are easing overall, the pace of change remains volatile at the household level.
On a year-on-year basis, inflation slowed to 9.4% in September from 11.5% in August, the ninth consecutive drop and the lowest since August 2021. The steady decline from 23.8% in December 2024 represents a 14.4 percentage point fall in less than a year, underscoring a disinflation trend that points to improving macroeconomic stability.
Food inflation eased significantly, helping drag down the national figure, while non-food inflation such as utilities and transport costs proved more persistent.
Regional figures highlighted wide disparities. Bono East recorded the lowest inflation at 1.2%, while North East surged to 20.1%, underscoring how uneven price changes remain across the country.
The sharp rebound in September shows that although Ghana is firmly on a downward path in annual inflation, the short-term picture remains unsettled.
