Ghana’s year-on-year inflation rate slowed sharply to 9.4% in September 2025, the lowest level in four years, the Ghana Statistical Service (GSS) has announced.
The figure marks the ninth consecutive month of decline, easing pressure on households and businesses after years of high consumer prices.
The last time Ghana recorded inflation below 10% was in August 2021.
Speaking at a press briefing in Accra, Government Statistician Dr Alhassan Iddrisu said while the slowdown was encouraging, prices were still edging up every month.
“Overall prices increased by 0.9% between August and September, showing that while inflation is slowing, households still saw small price increases in the short-term,” he explained.
Food and non-food inflation eases
Food inflation dropped to 11% in September, down from 14.8% in August, though food prices rose 0.6% month-on-month.
Non-food inflation also declined, from 9.7% in August to 8.2%, but prices in that category climbed 1.1% between August and September.
Inflation for goods slowed to 11.2%, compared to 13.9% in August, while services inflation eased to 4.8%, down slightly from 5.4%.
Dr. Iddrisu noted that because goods make up nearly three-quarters of the Consumer Price Index (CPI) basket, the decline in goods inflation was particularly important for consumers.
Local vs. imported goods
Locally produced goods remained more expensive than imports, though both categories saw declines. Inflation for local goods fell from 12.2% in August to 10.1% in September, while imported goods inflation eased to 7.4%, down from 9.5%.
Dr. Iddrisu attributed the import relief to a relatively stronger cedi and lower global prices but warned that weak local supply and distribution continued to drive higher domestic costs.
Regional disparities
The GSS report also highlighted sharp regional differences.
The North East Region recorded the highest inflation rate at 20.1%, while Bono East had the lowest at 1.2%. Transport costs, supply bottlenecks, and limited market access were cited as key drivers of the disparities.
Advice for businesses and households
Dr. Iddrisu urged businesses to take advantage of the low inflation environment to build resilience.
“They can cut waste, strengthen sourcing from local producers, and reposition to grow as the economy stabilises,” he said, adding that businesses could also pass savings to consumers to build competitiveness.
For households, he encouraged smarter budgeting and saving.
“Families should take advantage of falling inflation to plan ahead; budget smarter, avoid unnecessary spending, and set aside whatever little they can,” he advised.
Call for policy discipline
The Government Statistician further called on policymakers to sustain the downward trend by maintaining fiscal discipline.
He urged the government to channel resources into keeping food prices low through better storage facilities, irrigation systems, and improved transport networks, while also tackling regional inflation disparities.
“Inflation may be slowing, but the hard work is in sustaining stability and ensuring households and businesses feel the impact across all regions,” Dr. Iddrisu said.
