Ghana’s inflation rate drops to 23.5% in January after four months of increases

Ghana’s inflation rate declined to 23.5% in January 2025, marking a slight drop after four consecutive months of rising inflation.

This follows the government’s inability to achieve its 2024 year-end inflation target of 15%, as inflation peaked at 23.8% in December 2024, up from 23.0% in November.

Despite the overall decline, food inflation remains a major concern, climbing from 27.8% in December to 28.3% in January. In contrast, non-food inflation continued its downward trend, falling from 20.3% in December to 19.2% in January.

Providing a breakdown of the latest inflation figures, Government Statistician, Professor Samuel Kobina Annim, explained:

“In January 2025, general price levels of goods and services went up by 23.5%. Between January 2024 and January 2025, the general price of goods and services went up by 23.5%.

This indicates a disinflation as the rate of inflation has slowed down by 0.3 percentage points, from the year-end 2024 figure of 23.8% to 23.5% for the month of January 2025,” he stated.

While the slight decline signals some relief, food inflation remains a key challenge, impacting household expenses and economic stability.

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