Ghana’s inflation rate extended its downward trend in December 2025, easing to 5.4 percent year on year. This marks the 12th straight month of declining inflation and the lowest level recorded since the Consumer Price Index (CPI) was rebased in 2021, according to figures released by the Ghana Statistical Service (GSS).

Presenting the data in Accra, the Government Statistician, Dr Alhassan Iddrisu, said the CPI rose to 261.7 in December 2025 from 240.8 in the same month of 2024, reflecting a notable slowdown in price increases over the year.

He explained that the latest figures indicate that average prices for goods and services were 5.4 percent higher than in December 2024. Inflation declined from 6.3 percent in November 2025 and dropped sharply from 23.8 percent a year earlier, representing an 18.4 percentage point fall within twelve months.

Dr Iddrisu described the sustained decline as a clear sign of improving macroeconomic fundamentals and growing price stability across the economy.

On a month-on-month basis, inflation stood at 0.9 percent in December 2025, suggesting a slight rise in prices compared to November. He noted that although short-term price movements remain, they are occurring within a broader, stable downward trend.

A breakdown of the data showed easing inflation across food and non-food items, as well as goods, services, locally produced and imported products, compared to both November 2025 and December 2024.

Food inflation fell significantly to 4.9 percent year on year in December, down from 6.6 percent in November and 27.8 percent in December 2024. This represents a decline of 22.9 percentage points over the year. Dr Iddrisu highlighted that the drop is particularly important because food accounts for about 43 percent of household expenditure, meaning lower food inflation directly reduces pressure on family budgets.

However, food prices rose by 1.1 percent month on month, reflecting short-term increases largely linked to seasonal factors.

Non-food inflation also continued to slow, easing to 5.8 percent in December from 6.1 percent in November and 20.3 percent a year earlier. This translates into a 14.5 percentage point reduction over the year. On a monthly basis, non-food prices increased by 0.6 percent, indicating relatively mild pressure.

Dr Iddrisu noted that the broad-based decline across both food and non-food categories suggests that the disinflation is widespread rather than driven by a single factor.

Further analysis showed that food inflation moderated across all major sub-groups, including cereals, vegetables, fish and meat products. While some month-to-month fluctuations were observed, most categories recorded either small increases or declines by December.

Goods inflation dropped to 5.8 percent in December 2025, from 7.3 percent in November and 23.1 percent in December 2024, representing a 17.3 percentage point fall over the year. Dr Iddrisu emphasized that this trend is significant because goods make up nearly 75 percent of the CPI basket, offering meaningful relief to consumers.

Goods prices increased by 0.8 percent month on month, while services inflation rose slightly to 4.5 percent in December from 3.8 percent in November. Despite the uptick, services inflation remains far below the 15.4 percent recorded in December 2024, reflecting a year-on-year decline of 10.9 percentage points. Services prices rose by 0.9 percent between November and December.

Overall, the December inflation figures indicate a continued and broad easing of price pressures across the economy, reinforcing confidence in Ghana’s disinflation trajectory as the country ended 2025 with stronger macroeconomic stability.