Inflation Drops to 11.5% in August, Lowest in Nearly Four Years
Ghana’s year-on-year inflation slowed to 11.5% in August 2025, marking the lowest rate since October 2021 and the eighth consecutive monthly decline, according to the latest Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS).
The August figure represents a drop from 12.1% in July 2025 and a sharp fall from 23.8% in December 2024, underscoring the impact of ongoing stabilization measures. The CPI stood at 255.7 in August, compared to 229.4 in the same month last year.
Month-on-month inflation turned negative at -1.3%, meaning overall prices fell between July and August 2025. This contrasts with a 0.7% rise recorded the previous month, offering households some respite.
Food inflation slowed to 14.8%, with food prices dropping 2.5% month-on-month. Non-food inflation also eased to 8.7% from 9.5% in July, with prices dipping slightly by 0.1% over the month. Inflation for goods declined to 13.9%, while services inflation settled at 8.4%.
The data shows that locally produced items remain costlier than imports. Imported inflation eased to 9.5%, aided by a stronger exchange rate and lower global price pressures, while local items recorded 12.2% inflation.
Inflation continues to vary widely across regions. The Upper West Region posted the highest rate at 21.8%, while Bono East recorded the lowest at 6.1%.
The GSS noted that the broad-based slowdown across food, non-food, and goods categories reflects “real progress toward price stability” and provides a foundation for growth, jobs, and investment.
Recommendations from the release urged households to take advantage of falling prices to save more, businesses to reinvest for competitiveness, and government to sustain disinflation through fiscal discipline and stronger local supply chains.
