Consumer prices in October rose at the slowest rate year-on-year since June 2021. The rate of 8% is the lowest since 7.8% was recorded in June 2021. Between September and October, the Consumer Price Index (CPI) actually recorded a drop of 0.4%, the third month-on-month deflation this year after June and August.

Food and non-food inflation dropped to 9.5% and 6.9% respectively from 11% and 8.2% the previous month. Inflation on locally-produced goods fell to 8% while inflation on imported goods was 7.8%. Goods in general recorded inflation of 9.3% while services saw a 4.6% increase year-on-year.

The disinflation trend in 2025 has been impressive, driven by a 35% appreciation of the Ghana cedi against the US dollar, tight monetary conditions, and a strict fiscal regime.

With the 2026 Budget scheduled to be read on November 10, investors will be watching out for signs that this process of disinflation will continue in 2026.