Ghana’s inflation charge continued its spectacular downward trajectory, easing for the tenth consecutive month to eight.0% year-on-year in October 2025, from 9.4% in September, the bottom stage recorded since June 2021.
This growth, introduced by the Ghana Statistical Providers (GSS) on Wednesday, demonstrates the nation’s sustained progress in taming inflationary pressures that had surged in the course of the world commodity and provide shocks of earlier years.
The 140 basis-point decline not solely exceeded market expectations but in addition marked a big milestone in Ghana’s financial stabilization efforts.
The month-to-month information additional revealed a deflationary pattern, with costs falling by 0.4% month-on-month, in comparison with a 0.9% rise in September 2025.
Meals prices on the easing path
Based on the GSS report, the notable slowdown in meals value development was a key issue driving the general disinflation.
Meals inflation fell sharply to 9.5% year-on-year in October from 11.8% in September, supported by beneficial base results and elevated meals provide ensuing from the continuing harvest season.
Month-on-month, meals costs declined by 1.0%, reversing the 0.6% uptick recorded the earlier month.
The moderation was most pronounced in high-weight classes corresponding to fish and different seafood, which eased to 12.4% year-on-year from 16.7%, and ready-made meals, which dropped to 12.4% from 14.1%.
An evaluation carried out by Ghana-based Apakan Securities Restricted says improved agricultural yields, steady market provide chains, and focused authorities interventions within the meals sector contributed to the general value aid for shoppers.
Non-food inflation additionally trended downward, with almost all parts within the class recording value declines.
Housing and utilities inflation slowed from 15.8% to 13.9%, whereas alcoholic drinks, tobacco and narcotics dropped sharply from 15.4% to 10.4%.
Clothes and footwear costs additionally declined, easing from 11.0% to 9.5%. Consequently, non-food inflation fell by 130 foundation factors to six.9% year-on-year in October, with a marginal 0.04% month-on-month improve, in comparison with the 1.1% recorded in September.
Extra insights
The Bank of Ghana’s Financial Coverage Committee (MPC) will conclude its remaining coverage deliberation for the 12 months on Wednesday, November 26, 2025. In view of the sustained disinflation and subdued underlying value pressures, analysts anticipate the Committee to chop charges.
Ghana’s central bank presently targets an inflation charge of 8%, with a permissible margin of ±2 proportion factors. This goal aligns broadly with the Worldwide Financial Fund’s (IMF) suggestions for sustaining a prudent and credible financial coverage framework.
In October, the IMF introduced that it had reached a staff-level settlement with Ghanaian authorities on the fifth evaluation of the nation’s ongoing mortgage programme, signaling continued confidence in Ghana’s financial administration and reform commitments.
In October, Nairametrics reported that Ghana’s client value inflation had dropped to single digits for the primary time since August 2021.
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