July inflation drops to 12.1%, lowest since October 2021

Ghana’s headline inflation rate fell to 12.1% in July 2025, down from 13.7% in June, marking the seventh consecutive month of decline and the lowest level recorded since October 2021.

According to the latest data released by the Ghana Statistical Service (GSS), the continued slowdown was driven largely by a reduction in the prices of food and non-food items.

Food inflation decreased by 1.2 percentage points, settling at 15.1%, while non-food inflation fell by 1.9 percentage points to 9.5%.

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On a regional level, the Upper West Region once again recorded the highest inflation at 24.8%, though this was down from 32.3% in June. This figure is more than twice the national average of 12.1%.

In contrast, the Central Region posted the lowest rate at 7.7%.

The downward trend in inflation is expected to influence future monetary policy decisions, with analysts pointing to potential room for interest rate adjustments if the disinflation path continues.