Ghana’s inflation picture improved once again in November 2025, settling at 6.3%—a new low since the Consumer Price Index was rebased in 2021. The latest outcome extends the country’s steady descent in price growth to eleven straight months, signaling deeper progress in cooling pressures across major spending categories.
The announcement, delivered by the Ghana Statistical Service (GSS) at its Accra briefing, highlighted a broad shift toward economic stability. According to the GSS, the continued slowdown reflects a mix of calmer domestic supply conditions, muted fuel-related increases, and relatively stable exchange rate movements.
One of the biggest drivers of the downturn was the food basket. Food inflation slid sharply to 6.6% in November, down from 9.5% in October, helped by notable drops in items such as vegetables, tubers, fruits, and fish—products that had previously strained household budgets. Month-on-month food inflation nudged up slightly to 1.1%, a return to typical seasonal trends after October’s decline.
Non-food prices also eased, dipping from 6.9% to 6.1%, supported by softer costs in housing, electricity, clothing, and transport-related services. Inflation for goods retreated to 7.3%, while services inflation fell to 3.8%, further confirming that price pressures are easing across nearly every component of the CPI. The trimmed-mean rate, which removes extreme price outliers, also slipped to 6.2%, underscoring firmer underlying stability.
Both domestic and imported goods contributed to the improvement. Locally produced items saw inflation fall to 6.8% from 8.0%, while imported goods recorded an even steeper reduction—from 7.8% to 5.0%—driven by softer global commodity prices and a cedi that has remained relatively steady.
Regional figures showed major contrasts. The Savannah Region posted the lowest rate at -0.02%, reflecting plentiful food supplies and calm rural market conditions. On the other end, the North East Region topped the list at 12.2%, followed by Upper West and Northern Regions, areas where limited transport access continues to keep prices elevated. Greater Accra remained the single largest contributor to inflation because of its population size and consumption weight.
On a month-to-month basis, inflation registered 0.9%, reversing October’s 0.4% drop. The GSS attributed this to adjustments in categories such as personal care, restaurants, and miscellaneous services.
With the headline rate now far below last year’s peak of 23.8% in December 2024, the GSS indicated that sustaining these gains will remain a priority as the country seeks a more predictable cost environment for families and businesses.
