Transport remained one of the least inflationary sectors in Ghana’s consumer basket in June 2025, contributing -0.9 percentage points to the national inflation rate of 13.7%. This continues a broader trend of low transport-driven inflation seen over the past year, but June’s figures reflect a new layer of relief, especially in the road transport sub-sector.
Year-on-year inflation for transport dropped from 3.1% in May to -8.5% in June, the sharpest monthly swing across all consumption divisions. Though transport has consistently ranked among the bottom three in terms of inflation contribution, June’s reading is notable for pushing it into negative territory, helping pull down overall inflation.
Ranking Comparison: Food Still Dominates, Housing Climbs, Transport Turns Negative
Among the thirteen divisions tracked by the Ghana Statistical Service:
- Food and non-alcoholic beverages remained the largest driver, contributing 7.0 percentage points despite a significant fall in food inflation from 22.8% to 16.3%.
- Housing, water, electricity, gas and other fuels followed with a contribution of 2.6 percentage points, driven by recent utility and energy price adjustments.
- Restaurants and accommodation services came next, contributing 0.7 percentage points, while other divisions like education, furnishings, and alcohol and tobacco ranged between 0.2% and 0.4%.
- Transport, on the other hand, stood out as the only sector with a negative contribution, its -0.9 percentage point impact made it the biggest disinflationary force in the June inflation print.
Cedi Stability and Global Oil Calm Drive Road Transport Relief
The biggest story within the transport category lies in road transport, where a rare period of macroeconomic alignment has translated into visible relief.
At the core of the easing trend is the cedi’s stability throughout Q2 2025. By holding steady against the US dollar and other major trading currencies, the cedi has helped suppress import-related cost pressures on fuel, tyres, spare parts, lubricants, and operational costs for transport operators.
At the same time, global crude oil prices, which spiked earlier this year due to the Israel-Iran conflict, have since softened after a ceasefire brought stability to global supply expectations. That de-escalation allowed Brent and WTI crude benchmarks to normalise, and for importers in Ghana, it meant lower landing costs.
The result: fuel pump prices stayed largely flat through June and into early July. While a few filling stations recorded marginal increases in diesel, the broader trend, especially for petrol , was one of price stability. With input costs largely unchanged, public transport fares have remained static, and operators have not faced the pressure to revise tariffs upward.
A Measured but Meaningful Relief for Commuters
In a sector where price movements tend to trigger immediate fare adjustments, this fuel and forex stability has created a pocket of calm. Commuters across urban and peri-urban centres have benefitted from steady fares.
Though there were projections of a possible increase in fuel prices going into July, driven by geopolitical tensions and technical inefficiencies in supply logistics, actual pump prices as of July 4 have largely remained flat. Most stations across the country have maintained June prices, with only a few recording slight upward adjustments in diesel. For now, the expected price shocks have not materialised, and the relief, at least temporarily, holds.
