The Ghana Statistical Service has released the latest consumer price inflation figures for August 2025 which show that the price of goods and services for the month increased by 11.5%, a -1.3% decrease from the last posted inflation rate of 12.1% in July this year. According to GSS, the year-on-year inflation rate for August represents the 8th consecutive drop since January and the lowest inflation since October 2021, well within the government’s end year inflation target of 11.9%. GSS noted, the drop in inflation from about 23.8% in December 2024 to 11.5% in August indicates “a real and sustained shift in prices” owing to the ongoing implementation of Ghana’s stabilisation programme.

Despite easing gradually, food inflation remains top contributor to headline inflation in the country. Various food items such as smoked herrings, imported vegetable oil, yam, ginger, and beef are the top 5 contributors while cooked rice, fish, kenkey and fish, and chicken eggs follow suit. The GSS is however optimistic of seeing further drop in food prices over the period as they have fallen so far by 2.5% in one month to the present food inflation rate of 14.8% while the non-food category shows similar signs of improvement. Non-food inflation declined to 8.7% from 9.5% in July meaning that items in the non-food category reduced slightly by 0.1% between July and August.

On regional distribution, Bono East Region recorded the lowest inflation of 6.1% well below the national average while Upper West Region had the highest inflation in the country for both July and August but the data shows inflation is dropping in the Upper West. Greater Accra Region, the home province of the national capital saw inflation drop from 9.5% in July to 8.5%, with the second largest capital Kumasi posting a drop as well to 12.9% from 13.1% in July.

Outlook for the future appears promising with the continuous decline of inflation across food, non-food, and goods categories, there exists a chance for real progress toward price stability that creates an opportunity for growth, jobs, and investment.