Collins Sefa Ghana’s inflation rate declined to 5.4 per cent year-on-year in December 2025, marking the 12th consecutive month of disinflation, according to the latest data released by the Ghana Statistical Service (GSS).
Presenting the December inflation figures in Accra, Government Statistician Dr. Alhassan Iddrisu said the Consumer Price Index (CPI) rose to 261.7 in December 2025, compared with 240.8 in December 2024, reflecting a sustained easing of price pressures across the economy.
“This means that, on average, goods and services cost 5.4 per cent more than they did in December 2024,” Dr. Iddrisu explained. “This outcome is significant because inflation has now declined for 12 consecutive months.
It fell from 6.3 per cent in November 2025 and from 23.8 per cent in December 2024, representing a reduction of 18.4 percentage points within a year.”
He described the continued slowdown as evidence of improving macroeconomic conditions and a decisive shift toward price stability following a prolonged period of elevated inflation.
On a month-on-month basis, inflation stood at 0.9 per cent in December 2025, indicating a modest rise in prices between November and December. However, Dr. Iddrisu noted that short-term price movements were now occurring within a stable and downward long-term inflation trend.
Data from the GSS showed that inflation moderated across food and non-food categories, as well as goods and services, and both locally produced and imported items, compared with November 2025 and December 2024.
Food inflation recorded one of the steepest declines, easing to 4.9 per cent in December 2025, down from 6.6 per cent in November and 27.8 per cent a year earlier. This represents a 22.9 percentage point reduction over the year.
“This is particularly important because food accounts for about 43 per cent of household expenditure. Lower food inflation directly reduces pressure on household budgets,” Dr. Iddrisu said.
Despite the annual decline, food prices increased by 1.1 per cent month-on-month, largely due to seasonal factors. Dr. Iddrisu cautioned that short-term price fluctuations could persist even as broader inflationary pressures continue to ease.
Non-food inflation also slowed significantly, declining to 5.8 per cent in December, from 6.1 per cent in November and 20.3 per cent in December 2024, representing a 14.5 percentage point drop over the year. Month-on-month non-food inflation stood at 0.6 per cent.
“These figures show broad-based disinflation across the economy rather than improvements driven by a single component,” he noted.
At a more detailed level, inflation eased across key food sub-classes such as vegetables, cereals, fish, and meat products. While some items recorded modest monthly increases due to seasonal influences, others posted outright price declines toward the end of the year.
Goods inflation slowed sharply to 5.8 per cent in December 2025, down from 7.3 per cent in November and 23.1 per cent a year earlier, translating into 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 rose by 0.8 per cent month-on-month, while services inflation edged up to 4.5 per cent in December, from 3.8 per cent in November. Despite the uptick, services inflation remained well below the 15.4 per cent recorded in December 2024, marking a 10.9 percentage point decline over the year. Month-on-month, services prices increased by 0.9 per cent.
