Ghana’s inflation down to 5.4% in December 2025

Ghana’s inflation rate fell to 5.4 per cent year-on-year in December 2025, marking the 12th consecutive month of disinflation, according to data released by the Ghana Statistical Service.

Presenting the December inflation figures in Accra, the Government Statistician, Dr Alhassan Iddrisu, said the Consumer Price Index stood at 261.7 in December 2025, compared with 240.8 in the same period a year earlier, underscoring a sustained easing of price pressures across the economy.

“This means that, on average, goods and services cost 5.4 per cent more than they did in December 2024,” Dr Iddrisu said. “This result is significant because inflation has now declined for 12 consecutive months. It fell from 6.3 per cent in November 2025 and from 23.8 per cent in December 2024, representing a reduction of 18.4 percentage points within a year.”

He described the continued decline as evidence of improving macroeconomic conditions and a firm shift towards price stability after a prolonged period of elevated inflation.

On a month-on-month basis, inflation stood at 0.9 per cent in December 2025, reflecting a modest increase in prices between November and December. Dr Iddrisu said the data showed that short-term price movements were now taking place within a stable and downward long-term trend.

A breakdown of the data showed that inflation eased across food, non-food, goods and services, as well as both locally produced and imported items, compared with November 2025 and December 2024.

Food inflation recorded one of the sharpest declines, falling to 4.9 per cent in December 2025, from 6.6 per cent in November and 27.8 per cent a year earlier. Dr Iddrisu said this represented a 22.9 percentage point reduction over the year.

“This matters because food accounts for about 43 per cent of household spending. Lower food inflation directly eases pressure on household budgets,” he noted.

Despite the annual decline, food prices rose by 1.1 per cent on a month-on-month basis, which Dr Iddrisu attributed largely to seasonal factors, warning that short-term price fluctuations could still occur even as longer-term pressures eased.

Non-food inflation also moderated significantly, easing to 5.8 per cent in December, down from 6.1 per cent in November and 20.3 per cent in December 2024. This marked a 14.5 percentage point decline over the year, while month-on-month non-food inflation stood at 0.6 per cent.

“These trends show broad-based disinflation across both food and non-food categories, rather than improvements driven by a single component,” Dr Iddrisu said.

Further details showed easing inflation across major food sub-classes, including vegetables, cereals, fish and meat products. While some categories recorded modest month-to-month increases due to seasonal influences, several items posted outright declines by the end of the year.

Goods inflation slowed sharply to 5.8 per cent in December 2025, from 7.3 per cent in November and 23.1 per cent in December 2024, translating into a 17.3 percentage point reduction over the year.

“Goods account for nearly three quarters of the CPI basket, so this slowdown provides relief where it matters most to consumers,” Dr Iddrisu said.

Goods prices rose by 0.8 per cent on a month-on-month basis, while services inflation edged up to 4.5 per cent in December, from 3.8 per cent in November. Despite the increase, services inflation remained well below the 15.4 per cent recorded in December 2024, representing a 10.9 percentage point decline over the year. Month on month, services prices increased by 0.9 per cent in December.