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) has reported.

Presenting the latest 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, reflecting 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. “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 indicates 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, showing a modest rise in prices from November. Dr. Iddrisu explained that short-term price movements persist, but within a stable and downward long-term trend.

Breaking down inflation by components, 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 in December 2024, representing a 22.9 percentage point drop over the year. “This is significant 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 rose 1.1 percent month on month, largely due to seasonal factors.

Non-food inflation also declined to 5.8 percent in December, down from 6.1 percent in November and 20.3 percent a year earlier, reflecting a 14.5 percentage point reduction over the year. Month-on-month, non-food prices increased by 0.6 percent, indicating moderate short-term pressure.

Dr. Iddrisu said the trends reflect broad-based disinflation across both food and non-food categories, rather than improvements driven by a single component. Within food inflation, major sub-classes—including vegetables, cereals, fish, and meat—showed easing, with some recording outright declines by December despite seasonal fluctuations.

Goods inflation fell to 5.8 percent in December, down from 7.3 percent in November and 23.1 percent in December 2024, representing 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. Month-on-month, goods prices rose 0.8 percent.

Services inflation edged up slightly to 4.5 percent in December, from 3.8 percent in November, but remains well below the 15.4 percent recorded in December 2024, marking a 10.9 percentage point decline over the year. Month-on-month, services prices increased by 0.9 percent.

Overall, the December 2025 data points to a sustained easing of price pressures across the economy, reinforcing confidence in Ghana’s ongoing disinflation path and improved macroeconomic stability.