Inflation ends 2025 at 5.4% from 23.8% in 2024

Ghana’s inflation rate fell to 5.4 percent in December 2025, extending a disinflation trend that has now lasted 12 consecutive months.

The rate slowed from 6.3 percent in November 2025 and 23.8 percent in December 2024, marking a decline of 18.4 percentage points over the year.

The December outcome is the lowest inflation reading since the consumer price index was rebased in 2021, demonstrating a sustained shift toward price stability amid improving macroeconomic conditions.

On a month-on-month basis, inflation stood at 0.9 percent in December, meaning prices increased modestly between November and December 2025. While short-term price movements persist, they are now occurring within a stable and clearly downward long-term trend.

A breakdown of the data shows that inflation eased across most major components of the consumer basket. Food, non-food, goods, and both locally produced and imported items all recorded slower price increases compared with November, pointing to broad-based disinflation rather than relief driven by a single category.

Food inflation, which accounts for about 43 percent of household spending, fell to 4.9 percent year-on-year in December, down from 6.6 percent in November and 27.8 percent a year earlier.

This represents a 22.9 percentage point decline over the past 12 months, providing meaningful relief to household budgets. However, food prices rose 1.1 percent month-on-month, reflecting seasonal and short-term supply pressures.

Non-food inflation also moderated, easing to 5.8 percent in December from 6.1 percent in November and 20.3 percent in December 2024. This marks a 14.5 percentage point decline over the year, with month-on-month non-food prices rising by a modest 0.6 percent, indicating contained pressure.

Disaggregated food data show that the slowdown was broad-based across all major subclasses, led by vegetables, cereals, fish and meat products. While prices fluctuated month-to-month due to seasonal factors, most food groups recorded modest increases or outright declines by December.

Trends in both food and non-food inflation confirm a clear easing in price pressures. Food inflation fell from 27.8 percent in December 2024 to 4.9 percent in December 2025, while non-food inflation declined from 20.3 percent to about 5.3 percent over the same period. Month-on-month volatility remains, but the direction is unambiguous: inflation pressures have eased substantially.

Goods inflation, which accounts for nearly three-quarters of the CPI basket, slowed to 5.8 percent in December from 7.3 percent in November and 23.1 percent a year earlier, a decline of 17.3 percentage points over 12 months. Goods prices rose 0.8 percent month-on-month, providing relief where it matters most for consumers.

Services inflation edged up to 4.5percent in December from 3.3percent in November, but remained well below the 15.4percent recorded a year earlier. Over the year, services inflation declined by 10.9 percentage points, even as prices rose 0.9percent month-on-month.

Inflation for locally produced items slowed to 5.9percent in December from 6.8percent in November and 26.4percent a year earlier, a 20.5 percentage point annual decline.

Imported inflation also eased to 4.3percent, down from 5.0percent in November and 18.0percent in December 2024, reflecting a 13.7 percentage point fall over the year. This suggests easing price pressures from both domestic production and imports.

Regional data showed significant variation. The Eastern Region recorded the highest year-on-year inflation at 11.2percent, up slightly from November but well below its level a year earlier. The Savannah Region posted the lowest inflation at minus 1.2percent, indicating outright price declines over the year. On a month-on-month basis, prices fell in the Northern, Western North and Upper East regions, while other regions saw modest increases.

Five regions — Eastern, Greater Accra, Ashanti, Central and Western — together accounted for more than 80percent of overall inflation, reflecting differences in supply conditions, transport costs, storage capacity and market access across the country.

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