Ghana’s Inflation Drops to 8%, Lowest in Over Three Years
Ghana’s inflation rate continued its downward trend in October, easing to 8 percent, from 9.4 percent in September, according to the Ghana Statistical Service (GSS). This marks the lowest inflation rate since June 2021 and reflects a gradual cooling of price pressures across major consumer categories.
Addressing the media in Accra, Government Statistician Professor Alhassan Iddrisu said the latest data show broad-based easing.
Food inflation declined to 9.5 percent in October from 11 percent in September, driven largely by slower price increases in produce such as grains, vegetables and tubers. Non-food inflation also fell to 6.9 percent, down from 8.2 percent, reflecting moderation in transport, utilities and household goods prices.
The data also indicate narrowing differences between locally produced and imported items. Inflation for locally made goods dropped from 10.1 percent in September to 8 percent in October. Imported goods inflation eased slightly to 7.8 percent, compared to 7.4 percent a month earlier.
Economists note that the sustained easing of inflation is partly supported by improved supply conditions, relative stability in the cedi in recent months, and tighter fiscal controls.
The trend aligns with the Bank of Ghana’s decision in September to reduce its benchmark policy rate by 350 basis points to 21.5 percent, signaling confidence that inflation is moving toward its medium-term target band.
