Inflation hits 6.3% after 11 straight months of decline

Ghana’s inflation rate dropped to 6.3 per cent in November 2025, the lowest level since the 2021 rebasing of the Consumer Price Index (CPI), extending a record streak of eleven consecutive months of declining prices.

Government Statistician Dr. Alhassan Iddrisu, speaking at a GSS briefing in Accra on Wednesday, said the slowdown reflects “broad-based stabilisation across the economy,” with both food and non-food sectors easing amid improved domestic supply, lower fuel-related costs, and a stable exchange rate.

Food Prices Ease Sharply

Food inflation recorded one of the steepest drops, sliding from 9.5 per cent in October to 6.6 per cent in November. Dr. Iddrisu attributed the decline to falling prices for key staples, including vegetables, tubers, fish, and fruits, which had previously exerted upward pressure on household budgets. Month-on-month, food prices rose slightly by 1.1 per cent, reflecting a return to normal seasonal patterns.

Non-food inflation also moderated, falling from 6.9 per cent to 6.1 per cent, led by reductions in housing, electricity, clothing, and transport costs. Goods inflation declined from 9.3 per cent to 7.3 per cent, while services inflation slowed to 3.8 per cent from 4.6 per cent, signalling easing pressure across the CPI basket.

Local and Imported Items Show Disinflation

Both domestically produced and imported goods contributed to the downward trend. Inflation for local products fell from 8.0 per cent to 6.8 per cent, while imported items eased sharply from 7.8 per cent to 5.0 per cent, reflecting softer global commodity prices and a stable cedi.

Regional Variations

Regional trends showed stark differences. Savannah Region recorded the lowest inflation at -0.02 per cent, thanks to ample food supply and lower price pressures, while North East Region experienced the highest at 12.2 per cent, followed by Upper West and Northern Regions, where limited market access and transport challenges continue to influence prices. Greater Accra accounted for the largest share of national inflation, contributing over 20 per cent due to its population size and consumption patterns.

Monthly Inflation and Outlook

On a month-to-month basis, Ghana’s inflation rose slightly to 0.9 per cent in November, reversing October’s 0.4 per cent decline. The increase stemmed from adjustments in certain non-food categories such as restaurants, personal care, and miscellaneous goods and services.

Dr. Iddrisu said the ongoing disinflation signals a more predictable cost environment for households and businesses, noting that monitoring will continue to ensure the gains achieved since the 23.8 per cent peak in December 2024 are maintained.

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