Ghana’s month-on-month inflation picked up slightly in April 2025, rising to 0.8% from 0.2% in March, signaling a mild reversal after three straight months of slowdown. While not alarming, this development underscores the fragility of price stability as the country navigates through 2025.
The broader month-on-month inflation trend for 2025 has been relatively stable, especially compared to the volatile spikes seen in 2024. The year opened with 1.7% in January, gradually easing to 1.3% in February and 0.2% in March. April’s uptick, though modest, breaks this downward streak and hints at price pressures re-emerging in specific sectors.
Food prices played a key role in this shift. Month-on-month food inflation rose to 0.9% in April, up from -0.2% in March, pointing to renewed stress in food markets. Though far below the 5.1% spike seen in June 2024, the cumulative increase in early 2025, 2.0% in January, 1.8% in February, and now 0.9% in April, indicates that food price growth remains persistent.
Despite the monthly rise, year-on-year inflation continues to slow, reaching 21.2% in April, down from 23.5% in January 2025. Yet, year-on-year food inflation remains high at 25.0%, suggesting long-term structural issues in agriculture and food supply chains.
The month-on-month figures serve as a more immediate barometer of how consumers are experiencing price changes in real time. April’s data shows that while overall inflation is on a downward path year-on-year, short-term fluctuations are still present, especially in essential categories like food.
