Ghana’s inflation rate declined for the seventh consecutive month, dropping to 12.1% in July 2025 from 13.7% in June, according to the latest data released by the Ghana Statistical Service (GSS).

This marks the lowest inflation rate since October 2021, and a significant drop of 11.7 percentage points from the peak of 23.8% recorded in December 2024.

While the pace of price increases has eased, Month-on-Month (MoM) inflation between June and July stood at 0.7%, indicating that prices are still rising, albeit at a slower rate.

Food inflation, which has consistently been a major driver of headline inflation, dropped to 15.1% in July from 16.3% in June. Despite this, food remained the largest contributor to the overall rate, accounting for more than 50% of the total 12.1%.

On a monthly basis, food prices rose by 0.6%, suggesting a notable improvement in price stability, especially for consumers affected by prolonged food price hikes.

Inflation for non-food items — including housing, transport, healthcare, and education — fell more steeply to 9.5%, down from 11.4% in the previous month.

This category contributed roughly 45% to the national inflation rate, reflecting a faster pace of disinflation in non-food sectors. However, prices of non-food items still rose by 0.7% month-on-month.

The continued decline in inflation offers a measure of economic relief and suggests that the pressures driving high consumer prices may be easing. However, the sustained month-on-month increases show that affordability challenges remain for many households.