Inflation Drops to 8% in October, the Lowest in Four Years — GSS Reports
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Accra, Ghana — Ghana’s inflation rate fell sharply to 8.0% in October 2025, down from 9.4% in September and far below the 23.8% recorded in December 2024, according to the latest Consumer Price Index And Inflation data from the Ghana Statistical Service (GSS).
According to Government Statistician Dr Alhassan Iddrisu, this marks the lowest inflation rate in four years and the 10th consecutive monthly decline, underscoring what the government describes as a sustained return to macroeconomic stability. Overall, prices decreased by 0.4% between September and October, signaling a steady slowdown in price pressures across major consumer categories.
The Consumer Price Index (CPI) for October stood at 257.0, up from 237.8 in October 2024, translating into a year-on-year increase of 8.0%. “The steady drop in inflation from 23.8% in December 2024 to 8.0% in October 2025 shows that Ghana is firmly on the path to price stability,” said Government Statistician Dr. Alhassan Iddrisu during the monthly CPI briefing.
The October decline represents a 1.4 percentage point drop from September, continuing a trend of consistent disinflation since the beginning of 2025. Food inflation fell to 9.5% in October, down from 11.0% in September, as food prices decreased by 1.0% between September and October.
Non-food inflation also eased, dropping to 6.9% from 8.2% in September. However, non-food prices rose slightly by 0.04% month-on-month, driven largely by housing and transport costs.
Inflation for goods slowed to 9.3%, compared to 11.2% in September, reflecting a 0.7% decline in goods prices between the two months. Meanwhile, services inflation eased modestly from 4.8% in September to 4.6% in October though service costs rose by 0.5% month-to-month.
Since goods account for nearly three-quarters of Ghana’s CPI basket, this broad slowdown represents a significant relief for consumers where it matters most in everyday essentials such as food, energy, and household supplies.
Locally produced goods, however, remain more expensive than imports. Local inflation dropped from 10.1% in September to 8.0% in October, while imported inflation inched up from 7.4% to 7.8%.
Inflation rates remain uneven across the country. Bono East Region recorded the lowest inflation rate at 1.1%, while the North East Region posted the highest at 17.3%. The Greater Accra Region registered a moderate 6.8%, slightly below the national average. The GSS attributes these gaps to variations in transportation costs, local supply chains, and market access.
The 13 major contributors to inflation in October were led by Food and Non-Alcoholic Beverages, followed by Housing, Water, Electricity, Gas, and Other Fuels, with Transportation contributing the least.
Among specific items, ginger (94.1), green plantains (61.6%), and cinema and cultural services (52.9%) topped the list of year-on-year inflation drivers.
Government Statistician Dr Alhassan Iddrisu has urged both households and businesses to leverage the period of low inflation to strengthen productivity and long-term financial planning. “Falling inflation is an opportunity to invest in efficiency, cut waste, and strengthen sourcing from local producers,” the GSS advised.
“Households should budget smarter, save more, and plan ahead, while government must maintain fiscal discipline and focus resources on keeping food prices low by strengthening storage, irrigation, and transport and tackle regional disparities”
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