Inflation falls sharply to 18.4% in May as transport cost eases

Ghana's inflation rate fell sharply to 18.4% in May 2025. This is down from 21.2% in April. It marks the lowest rate since February 2022. The decline continues a five-month trend of disinflation. The rate has nearly halved from its peaks in 2022.

The Ghana Statistical Service (GSS) credits this drop to lower transport fares. There was also a slowdown in non-food inflation. This indicates a sustained easing of consumer price increases.

Government Statistician Dr. Alhassan Iddrisu spoke at a press briefing in Accra. He noted that recent fuel price drops influenced nationwide transport fare adjustments. This played a major role in reducing inflationary pressures in May.

Dr. Iddrisu added that food inflation remains high but is easing slightly. Services and transport-related costs saw the steepest declines, helping household budgets.

Inflation rates vary widely across regions. The Upper West Region had the highest rate at 38.1%. This was driven by higher food prices and transport costs there. In contrast, the Ahafo Region recorded the lowest inflation at 14.5%. This suggests more stable price dynamics in that area.

The latest inflation data may boost market confidence in economic recovery. It could also support the central bank’s monetary policy stance.