Ghana’s inflation continued its steady decline in December 2025, falling to 5.4 percent year on year, marking the 12th consecutive month of disinflation and the lowest rate since the Consumer Price Index (CPI) was rebased in 2021, the Ghana Statistical Service (GSS) said Tuesday.
Government Statistician Dr. Alhassan Iddrisu said the CPI for December stood at 261.7, up from 240.8 in December 2024, translating into a moderation of price pressures over the year. “On average, goods and services cost 5.4 percent more than they did in December 2024,” he said, highlighting a significant drop from 23.8 percent a year earlier, a decline of 18.4 percentage points.
Month-on-month, inflation rose modestly by 0.9 percent in December, indicating short-term price increases between November and December. Dr. Iddrisu said while these fluctuations persist, the overall trend points to stable and declining long-term price pressures.
Food prices, which account for about 43 percent of household spending, showed substantial relief. Annual food inflation fell to 4.9 percent in December, down from 6.6 percent in November and 27.8 percent a year earlier, representing a 22.9 percentage point decline. However, food prices still rose by 1.1 percent month on month, largely due to seasonal factors, the statistician said.
Non-food inflation also eased significantly, dropping to 5.8 percent in December, compared with 6.1 percent in November and 20.3 percent in December 2024, a 14.5 percentage point reduction. Monthly non-food prices increased by 0.6 percent, reflecting moderate upward pressure.
Breaking down the CPI further, goods inflation, which accounts for nearly 75 percent of the basket, fell to 5.8 percent, down from 7.3 percent in November and 23.1 percent a year earlier, a 17.3 percentage point reduction. Goods prices rose 0.8 percent month on month, offering relief to consumers where it matters most.
Services inflation edged slightly higher to 4.5 percent in December, from 3.8 percent in November, but remained well below 15.4 percent in December 2024, a decline of 10.9 percentage points. Month-on-month, services prices increased 0.9 percent.
The broad-based easing of inflation was observed across both food and non-food categories, with sub-groups including vegetables, cereals, fish, and meat products all showing lower year-on-year price growth. Dr. Iddrisu noted that the sustained decline reflects improving macroeconomic conditions and a firm shift towards price stability.
“Disinflation has now persisted for a full year, providing households and businesses with greater certainty and purchasing power,” he said, adding that the data underscores the government’s progress in stabilising the economy.
Economists said the trends could support monetary policy flexibility and foster confidence among consumers and investors, while cautioning that seasonal pressures may still drive short-term volatility in key staples.
Overall, Ghana closed 2025 with improved macroeconomic stability, as the sustained decline in inflation reinforced confidence in the country’s disinflation path and eased pressure on household budgets, particularly for food and essential goods.
