Inflation drops to 13.7%, lowest since 2021

Ghana’s annual inflation rate slowed markedly to 13.7% in June 2025, down from 18.4% in May, marking the sixth consecutive monthly decline and the lowest reading in over three years, the Ghana Statistical Service (GSS) has reported.

Government Statistician Dr. Alhassan Iddrisu attributed the drop largely to significant cooling in food and non–food price pressures. June saw a 1.2% month-on-month fall in general prices—the first outright deflation since late 2021—meaning consumers paid less for a typical basket of goods and services than they did in May.

Food Inflation: Fell by 6.5 percentage points, from 22.8% in May to 16.3% in June.
Non-Food Inflation: Dropped by 3.0 percentage points, from 14.4% to 11.4%.

Regional disparities remain pronounced: the Upper West Region recorded the highest inflation at 32.3%, driven by food and utility costs, while the Bono Region posted the lowest rate of 8.4%. Dr. Iddrisu encouraged use of granular regional data to tailor policy responses and narrow these gaps.

“The downward inflationary trend over the last six months provides some consistency and assurance of a real, sustained shift in prices,” he said.

The GSS data underscore the impact of tighter monetary policy and stable exchange-rate dynamics in moderating price growth. With inflation now approaching the lower end of the Bank of Ghana’s target range, policymakers face the challenge of sustaining this disinflationary path while supporting economic recovery.

Looking ahead, continued monitoring of food-price drivers, strengthening supply-chain resilience, and leveraging regional insights will be crucial to achieving further reductions and maintaining price stability through year-end.

By: Patrick Teye