Inflation falls to four-year low as food prices ease

Ghana’s inflation rate dropped to 9.4 per cent in September 2025, its lowest in four years, driven mainly by falling food prices, official figures show.

The Ghana Statistical Service (GSS) announced that September’s rate marked a further slowdown from the 11.5 per cent recorded in August, consolidating a nine-month streak of declines this year.

Government Statistician, Dr Alhassan Iddrisu, attributed the sustained downward trend to food prices easing faster than non-food items.

“The steady drop in inflation… shows a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability,” he told reporters in Accra.

According to the GSS, food inflation fell sharply to 11.0 per cent in September, down from 14.8 per cent in August. Non-food inflation also edged lower, registering 8.2 per cent compared with 8.7 per cent the previous month.

Locally produced items recorded inflation of 10.1 per cent, while imported goods dropped to 7.4 per cent, from 9.5 per cent in August.

Regional disparities, however, painted a mixed picture. The North East Region posted the highest inflation at 20.1 per cent, more than double the national average, while Bono East had the lowest at 1.2 per cent.

The latest data adds to signs of stability after Ghana experienced its worst inflation surge in decades. Inflation peaked at 54.1 per cent in December 2022 before gradually declining through 2023 and 2024.

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By December 2024, it had dropped to 23.2 per cent, and since January 2025, the rate has consistently fallen—from 19.4 per cent in January to 13.0 per cent in June, and 11.5 per cent in August.

The September decline therefore strengthens confidence that Ghana’s economic recovery efforts, backed by tighter monetary policy and fiscal reforms, are yielding results.