Ghana‘s inflation rate has fallen to 8.0% in October, down from 9.4% in September, marking the lowest level in four years and the tenth consecutive month of decline, according to the Ghana Statistical Service.
Acting Government Statistician, Dr Alhassan Iddrisu, noted that overall prices dipped by 0.4% between September and October, signalling sustained economic stability.
Food and Non-Food Inflation Ease
- Food inflation: Dropped from 11.0% in September to 9.5% in October, with food prices declining 1.0% month-on-month.
- Non-food inflation: Fell to 6.9%, down from 8.2% in September, although non-food prices recorded a slight month-to-month increase of 0.04%.
Goods vs. Services Inflation
- Goods inflation: Slowed sharply from 11.2% to 9.3%, with a 0.7% price decrease month-to-month.
- Services inflation: Eased slightly from 4.8% to 4.6%, though service costs rose 0.5% over the same period.
Dr Iddrisu emphasised that since goods make up nearly 75% of the Consumer Price Index (CPI) basket, the sharp slowdown in goods inflation offers meaningful relief to households.
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Local vs. Imported Inflation
- Local inflation: Dropped from 10.1% to 8.0%.
- Imported inflation: Rose slightly from 7.4% to 7.8%.
Regional Performance
- Highest inflation: North East Region — 17.3%.
- Lowest inflation: Bono East Region — 1.1%.
These disparities, he said, reflect differences in market access, transport costs, and local supply dynamics.
Recommendations for Businesses
Dr Iddrisu encouraged enterprises to:
- Invest in efficiency and stronger local supply chains.
- Cut operational waste and source more from local producers.
- Pass cost reductions on to consumers to build trust and competitiveness.
Advice to Households and Government
- Households: Use the period of lower inflation to budget wisely, avoid unnecessary expenses, and save consistently.
- Government: Maintain fiscal discipline and prioritise interventions that keep food prices stable — including storage, irrigation, and transport improvements — while addressing regional inequalities.
Ghana’s sustained decline in inflation signals improving economic conditions, offering room for businesses and families to plan more confidently as the economy stabilises.
