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, according to the Ghana Statistical Service.
Presenting the latest inflation figures in Accra, Government Statistician, Dr. Alhassan Iddrisu, said the CPI for December 2025 stood at 261.7, up from 240.8 in December 2024, translating into a significant moderation in price pressures over the year.
“This means that, on average, goods and services cost 5.4 percent 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 percent in November 2025 and from 23.8 percent in December 2024, representing a reduction of 18.4 percentage points within a year.”
He noted that the sustained decline, points to improving macroeconomic conditions and a firm shift towards price stability.
On a month-on-month basis, inflation stood at 0.9 percent in December 2025, indicating a marginal increase in prices between November and December. Dr. Iddrisu explained that while short-term price movements persist, they are now occurring within a stable and downward long-term trend.
Breaking inflation into its major components, the Government Statistician said price pressures eased across food, non-food, goods, and both locally produced and imported items, compared to both November 2025 and December 2024.
Food inflation recorded a sharp decline on an annual basis, falling to 4.9 percent in December 2025, down from 6.6 percent in November 2025 and 27.8 percent in December 2024, representing a 22.9 percentage point drop over the year.
“This matters because food accounts for about 43 percent of household spending. Lower food inflation directly eases pressure on household budgets,” Dr. Iddrisu noted.
However, he cautioned that food prices still rose by 1.1 percent month on month, suggesting that while long-term pressures have eased, short-term fluctuations remain, largely driven by seasonal factors.
Non-food inflation also declined significantly, easing to 5.8 percent in December, from 6.1 percent in November and 20.3 percent a year earlier, reflecting a 14.5 percentage point reduction over the year. On a monthly basis, non-food prices increased by 0.6 percent, indicating moderate pressure.
“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 disaggregation of food inflation showed easing across all major sub-classes, including vegetables, cereals, fish, and meat products. While month-to-month prices fluctuated due to seasonal effects, most food groups recorded modest increases or outright declines by December.
The data also revealed a strong slowdown in goods inflation, which fell to 5.8 percent in December 2025, down from 7.3 percent in November and 23.1 percent in December 2024. This represents 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 increased by 0.8 percent month on month, while services inflation edged up slightly to 4.5 percent in December, from 3.8 percent in November. Despite the increase, services inflation remains well below its 15.4 percent level in December 2024, marking a 10.9 percentage point decline over the year.
Month-on-month, services prices rose by 0.9 percent between November and December 2025.
Overall, the December inflation data points to a sustained easing of price pressures across the economy, reinforcing confidence in Ghana’s ongoing disinflation path as the country closed the year with improved macroeconomic stability.
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