Ghana’s inflation rate has fallen sharply to 6.3% in November 2025, the lowest since the Consumer Price Index (CPI) was rebased in 2021. This marks the 11th straight month of decline, signalling sustained macroeconomic stability and easing price pressures across food, non-food, locally produced and imported items. According to the latest Ghana Statistical Service (GSS) report, the downward trend reflects improved supply conditions, lower fuel cost pass-through, and a relatively stable cedi.
Food Inflation Tumbles Significantly
Food inflation, long regarded as the biggest driver of price increases, saw a steep decline.
Key Highlights on Food Prices
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Food inflation fell from 9.5% in October to 6.6% in November
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Major contributors to the decline include:
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Vegetables
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Tubers
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Fish
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Fruits
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This significant improvement indicates better domestic harvests and stronger food supply flows to local markets.
Non-Food Inflation Also Moderates
Non-food inflation eased from 6.9% to 6.1%, supported by slower price increases in:
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Housing and electricity
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Clothing
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Transport
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Household services
The decline suggests broader economic stability beyond food prices.
Goods and Services Inflation Maintain Downward Momentum
Goods Inflation
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Declined from 9.3% to 7.3%
Services Inflation
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Dropped from 4.6% to 3.8%
This shows moderation in both consumer goods and service-related costs.
Trimmed-Mean Index Confirms Underlying Stability
The trimmed-mean inflation rate—which removes extreme price movements—fell to 6.2%. This confirms that underlying inflationary pressures continue to ease in a broad and consistent manner.
Locally Produced vs Imported Inflation
Locally Produced Items
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Fell from 8.0% to 6.8%
Imported Inflation
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Dropped sharply from 7.8% to 5.0%, reflecting:
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Softer global commodity prices
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A relatively stable Ghana cedi
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Regional Inflation Trends
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Savannah Region recorded the lowest rate at -0.02%, supported by abundant food supplies.
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North East Region posted the highest inflation at 12.2%, followed by Upper West and Northern regions, where transport issues keep prices elevated.
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Greater Accra, despite moderate inflation, contributed the most to national inflation due to its population size and heavier consumption weight.
Monthly Inflation Reversal
On a month-to-month basis, prices rose by 0.9% in November—reversing October’s temporary decline of 0.4%. This uptick was driven by:
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Restaurants and eating places
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Personal care items
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Miscellaneous goods and services
Official Remarks from the Government Statistician
Dr Alhassan Iddrisu, Government Statistician, noted:
“Ghana’s inflation has fallen to 6.3 per cent in November 2025 — the lowest since the 2021 rebasing and the 11th consecutive month of decline.”
He credited the sharp disinflation to:
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Easing food and non-food pressures
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Improved domestic production
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Better supply conditions
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Lower fuel pass-through effects
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A stable local currency
He added that the trend has contributed to a more predictable cost environment for both households and businesses.
FAQs About Ghana’s Inflation Decline
1. Why is inflation falling in Ghana?
Due to improved food supply, stable exchange rates, lower fuel cost impacts, and reduced global commodity prices.
2. Which region recorded the highest inflation?
North East Region at 12.2%.
3. Which items contributed most to the decline?
Vegetables, tubers, fish, fruits, housing utilities and transport-related services.
4. Is this the lowest inflation rate since 2021?
Yes. The last time inflation was near this level was May 2021, at 7.5%.
5. Does a lower inflation rate mean prices are falling?
Not necessarily. It means prices are rising at a slower rate, improving predictability for households.
