Ghana’s inflation rate continued its downward trend, dropping to 5.4% in December 2025 from 6.3% in November, marking the lowest figure since the country rebased its inflation series in 2021.
This represents an 18.4 percentage point decrease compared to December 2024’s 23.8%, and marks the 12th consecutive month of declining inflation.
Overall prices increased modestly by 0.9% between November and December. Food inflation eased significantly to 4.9% in December from 6.6% in November, with food prices rising by 1.1% month-on-month. Non-food inflation also slowed to 5.8% from 6.1%, although non-food prices increased slightly by 0.6% within the month.
The slowdown was most notable in the prices of goods, which fell to 5.8% in December from 7.3% in November. Goods, accounting for nearly three-quarters of the Consumer Price Index (CPI) basket, saw a 0.8% increase in prices month-on-month, offering relief to consumers where it matters most.
Services inflation rose slightly to 4.5% from 3.8%, with a 0.9% increase in services prices between November and December. Meanwhile, inflation for locally produced goods declined from 6.8% to 5.9%, and imported goods also experienced a decrease from 5.0% to 4.3%.
Despite these positive trends, regional disparities persist. The Eastern Region recorded the highest inflation rate at 11.2%, while Savannah experienced negative inflation at -1.2%. Experts suggest that local supply chains, transportation costs, and market access issues may be contributing to these regional variations.
Overall, Ghana’s inflation outlook remains encouraging, reflecting a stable macroeconomic environment as the country moves into 2026.
