Annual Inflation Reaches Four-Year Low of 9.4% in September

Accra: The year-on-year inflation rate in Ghana decreased to 9.4% in September 2025, marking its lowest level in four years, as reported by the Ghana Statistical Service on Wednesday. This decline signifies the ninth consecutive month of falling inflation rates, a trend not seen since August 2021, according to Dr. Alhassan Iddrisu, the Government Statistician.According to Ghana News Agency, Dr. Iddrisu noted that while inflation is slowing, households still experienced a 0.9% increase in overall prices between August and September. Food inflation specifically dropped to 11.0% in September from 14.8% the previous month, despite a 0.6% rise in food prices over the same period. Non-food inflation also eased to 8.2% from 9.7% in August, although non-food prices rose 1.1% month-on-month.Inflation for goods decreased to 11.2% from 13.9% in August, with goods prices rising 0.8% month-to-month. Meanwhile, services inflation saw a more modest decline from 5.4% to 4.8%, with service costs increasing by 1.1% betwee n August and September. Dr. Iddrisu emphasized that the slowdown in goods inflation, which comprises nearly 75% of the Consumer Price Index basket, offers some relief to consumers.Dr. Iddrisu highlighted that locally produced goods remain more expensive than imports, though both categories saw price reductions in September. Local inflation decreased from 12.2% in August to 10.1% in September, while import inflation fell from 9.5% to 7.4%. He attributed the import relief to a relatively stronger cedi and lower global prices, whereas weak local supply and distribution were likely keeping domestic prices elevated.Significant regional differences in inflation persisted, with the North East region recording the highest rate at 20.1%, while the Bono East region had the lowest at 1.2%. Factors such as local supply, transport costs, and market access were identified as drivers of these regional disparities. Dr. Iddrisu suggested that businesses could use this period of low inflation to invest in efficiency and lo cal supply chains, cut waste, and strengthen sourcing from local producers, ultimately passing cost savings to consumers.For households, Dr. Iddrisu encouraged planning ahead, budgeting smartly, avoiding unnecessary expenditures, and saving as much as possible. He also called on the government to maintain fiscal discipline, focus on keeping food prices low by improving storage, irrigation, and transport, and address regional disparities.