Ghana’s inflation rate eased further in December 2025, declining to 5.4 percent year on year from 6.3 percent in November, extending the country’s disinflation streak to 12 consecutive months.
Presenting the latest inflation data in Accra, Government Statistician, Dr. Alhassan Iddrisu, said the CPI for December 2025 stood at 261.7, compared to 240.8 in December 2024.
“This means that, on average, goods and services cost 5.4 percent more than they did in December 2024,” Dr. Iddrisu explained.
“This result is significant because inflation has now declined for 12 consecutive months. It fell from 23.8 percent in December 2024 to 5.4 percent in December 2025, representing a reduction of 18.4 percentage points within a year.”
He noted that the sustained decline points to 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, indicating a marginal increase in prices between November and December. According to Dr. Iddrisu, this reflects short-term price movements occurring within an overall stable and downward inflation trend.
A breakdown of the data shows easing price pressures across all major components of inflation, including food, non-food, goods, services, and both locally produced and imported items.
Food inflation declined sharply on an annual basis to 4.9 percent in December 2025, down from 6.6 percent in November and 27.8 percent in December 2024. This represents a significant 22.9 percentage point reduction over the year.
“This matters because food accounts for about 43 percent of household spending. Lower food inflation directly eases pressure on household budgets,” Dr. Iddrisu said.
However, he cautioned that food prices rose by 1.1 percent on a month-on-month basis, largely due to seasonal factors, indicating that short-term price fluctuations persist despite the broader easing trend.
Non-food inflation also declined to 5.8 percent in December, from 6.1 percent in November and 20.3 percent a year earlier, reflecting a 14.5 percentage point drop over the year. Month-on-month, non-food prices increased by 0.6 percent, suggesting moderate price pressures.
“These trends show broad-based disinflation across both food and non-food categories, rather than improvements driven by a single component,” Dr. Iddrisu noted.
Further disaggregation of food inflation showed easing across all major sub-groups, including vegetables, cereals, fish, and meat products. While month-to-month prices fluctuated due to seasonal effects, most food groups recorded modest increases or outright declines by December.
Goods inflation slowed markedly, falling 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 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 percent month on month, while services inflation edged up slightly to 4.5 percent in December from 3.8 percent in November. Despite the increase, services inflation 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 inflation figures point to a sustained easing of price pressures across the economy, reinforcing confidence in Ghana’s disinflation trajectory as the country closed the year with improved macroeconomic stability.
