The Ghana Statistical Service (GSS) latest data shows that year-over-year inflation in Ghana decreased to 11.5% in August 2025 from 12.1% in July.

This brings inflation below the government's end-of-year target of 11.9% for the ninth consecutive month.

After inflation reached a peak of about 24% in December 2024, the August figure is also the lowest since October 2021, underscoring the efforts made in stabilizing prices.

During the presentation of the report on Wednesday, September 3, 2025, Government Statistician Dr. Alhassan Iddrisu stated that, on average, prices of goods and services increased by 11.5% between August 2024 and August 2025.

Overall prices decreased by 1.3% month over month, giving households some respite from years of growing living expenses.

Food and non-food prices ease

The largest factor influencing consumer prices, food inflation, decreased from 15.1% in July to 14.8% in August, resulting in a 2.5% monthly decrease in food costs. With a little 0.1% decline in non-food costs, non-food inflation also decreased, lowering from 9.5% to 8.7% within the same time frame.

Due to a 1.6% decline in goods prices, inflation for goods was 13.9% as opposed to 14.2% in July. In the meantime, the inflation rate for domestically made goods was 12.2%, which was greater than the 9.5% rate for imports. A stronger cedi and lessening global cost pressures were credited with the greater drop in imported inflation.

Inflation is still not uniform nationwide, even with the decline. Although it was lower than July's rate of 24.8%, the Upper West Region had the highest regional rate at 21.8%, almost twice the national average. Significant differences in price stability between regions are highlighted by the Bono Region, which had the lowest inflation rate at 6.1%.

The GSS claims that these geographical disparities are caused by changes in market accessibility, transit expenses, and food supply.

Policy implications

The persistent drop in inflation is being hailed as proof that Ghana's economic stabilization initiative is having an impact. In just eight months, inflation has decreased by more than 12 percentage points, from 23.8% in December 2024 to 11.5% in August 2025.