Ghana’s inflation falls to 18.4% in May, lowest since 2022

Ghana’s inflation rate dropped to 18.4% in May 2025, marking the lowest level since February 2022. This is a significant decline from the 21.2% recorded in April, according to the Ghana Statistical Service (GSS).

This marks the fifth consecutive month of declining inflation, signalling a steady slowdown in price increases across the country.

Government Statistician, Dr. Alhassan Iddrisu, attributed the drop mainly to lower fuel prices and reduced transportation fares. He noted that non-food inflation also saw a decline, contributing to the overall reduction.

“The decline in fuel costs at the pumps and the resulting drop in transport fares played a major role in May’s inflation drop,” Dr. Iddrisu explained.

At the regional level, the Upper West Region recorded the highest inflation at 38.1%, while the Ahafo Region reported the lowest at 14.5%.

The continued decline offers some relief to consumers and signals growing macroeconomic stability, though regional disparities remain a concern.