- Ghana’s year-on-year inflation dropped to 5.4% in December 2025, the lowest since CPI rebasing in 2021
- 12 consecutive months of declining inflation highlight sustained macroeconomic stability
- Food inflation eased to 4.9% YoY, benefiting households as food makes up 43% of household spending
Ghana’s inflation continued its steady decline in December 2025, dropping 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, according to the Ghana Statistical Service.
Presenting the figures in Accra, Government Statistician Dr. Alhassan Iddrisu reported that the CPI for December 2025 stood at 261.7, up from 240.8 in December 2024, indicating a significant moderation in price pressures over the year.
“This means that, on average, goods and services cost 5.4 percent more than in December 2024,” Dr. Iddrisu explained. “Inflation has now fallen for 12 consecutive months, down from 6.3 percent in November 2025 and 23.8 percent in December 2024, a reduction of 18.4 percentage points over the year.”
He noted that the sustained decline reflects improving macroeconomic conditions and a clear shift toward price stability.
On a month-on-month basis, inflation rose slightly to 0.9 percent in December, reflecting modest short-term price movements within a long-term downward trend.
Breaking down the CPI components, Dr. Iddrisu said price pressures eased across food, non-food, goods, and both locally produced and imported items compared to November 2025 and December 2024.
Food inflation fell sharply to 4.9 percent in December 2025, down from 6.6 percent in November 2025 and 27.8 percent a year earlier, a decline of 22.9 percentage points.
“Food accounts for about 43 percent of household spending, so lower food inflation directly eases pressure on household budgets,” he said, noting that food prices still rose 1.1 percent month-on-month due to seasonal factors.
Non-food inflation also eased, dropping to 5.8 percent in December from 6.1 percent in November and 20.3 percent in December 2024, a 14.5 percentage point decline over the year. Month-on-month, non-food prices increased by 0.6 percent.
“These trends indicate broad-based disinflation across both food and non-food categories, rather than improvements driven by a single component,” Dr. Iddrisu added.
Within the food category, prices of vegetables, cereals, fish, and meat all eased, with seasonal variations accounting for modest month-to-month fluctuations.
Goods inflation fell to 5.8 percent in December, down from 7.3 percent in November and 23.1 percent in December 2024, a 17.3 percentage point decline.
“Goods make up nearly three-quarters of the CPI basket, so this slowdown provides relief where it matters most to consumers,” Dr. Iddrisu said. Prices of goods rose 0.8 percent month-on-month.
Services inflation edged up slightly to 4.5 percent in December from 3.8 percent in November, but remained well below 15.4 percent a year earlier, marking a 10.9 percentage point annual decline. Month-on-month, services prices rose 0.9 percent.
Overall, the December inflation data highlights a continued easing of price pressures across the economy, reinforcing confidence in Ghana’s ongoing disinflation trend and improved macroeconomic stability as the year closed.
