Inflation records 11th consecutive decline, drops to 6.3% in November

…Regional disparities persist

By Juliet ETEFE  ([email protected]) 

The year-on-year consumer  inflation rate has dropped for the 11th consecutive month, reaching 6.3 percent in November 2025 – down from 8 percent in October.

This marks the lowest level recorded since the Consumer Price Index (CPI) rebasing in 2021, signalling continued macroeconomic stability and a sustained easing of price pressures across most major divisions of the economy.

According to Government Statistician Prof. Alhassan Iddrisu, the November rate reflects a significant decline of 17.5 percentage points from the 23.8 percent inflation recorded at end-2024.

The consistent downward trend, he noted, points to improved supply conditions, relatively stable exchange rate developments and easing cost pressures in both food and non-food categories.

Month-on-month inflation, which measures the change in average price levels between October and November, stood at 0.9 percent – an increase from the -0.4 percent recorded in October.

This means consumer prices rose marginally over the one-month period, driven mainly by higher food, utilities and housing-related costs.

Food and non-food

Food inflation fell sharply to 6.6 percent in November, down from 9.5 percent in October. Despite the year-on-year decline, food prices rose by 1.1 percent on a month-on-month basis, reflecting higher prices for staples such as onions, plantain, ginger and yam.

Non-food inflation also eased, dropping from 6.9 percent in October to 6.1 percent in November – with non-food items recording a 0.8 percent month-on-month rise.

Goods inflation continued to decline, easing to 7.3 percent from 9.3 percent in October while services inflation dropped to 3.8 percent from 4.6 percent. Prices of goods nevertheless recorded a 1.2 percent month-on-month increase, compared to a 0.1 percent decline in services on a monthly basis.

Inflation for locally produced items declined to 6.8 percent in November, down from 8 percent in October.

Imported inflation also dipped significantly to 5 percent from 7.8 percent the previous month -reflecting improvements in import cost conditions and relatively stable global commodity prices.

Regional disparities

The data however reflect significant regional disparities. North East Region recorded the highest inflation rate at 12.2 percent, driven largely by food price pressures and limited market access.

Savannah Region posted the lowest inflation rate at -0.02 percent, indicating minimal price increases within the period.

Greater Accra, Eastern, Ashanti, Central and Western Regions accounted for more than 79 percent of the national inflation contribution, reflecting their economic size and consumption patterns.

“Local supply, transport costs and market access could be driving these gaps,” the data stated.

Charcoal, smoked herrings, green plantain, ginger, cinema/cultural services, onions, cooked rice, hotel accommodation, vegetable oil and yam were identified among the top contributors to inflation in November.

Items such as garden-eggs, kontomire, pawpaw, fresh tomatoes, cabbage and okro recorded the lowest year-on-year inflation rates, easing pressure on overall food inflation.

At the division level, food and non-alcoholic beverages remained the highest contributor to overall inflation, followed by housing, water, electricity, gas and other fuels; and clothing and footwear.

Transport inflation remained in negative territory at -4.8 percent, continuing its downward trend due to relative stability in fuel prices and transport fares.

Recommendation

The GSS urged households, businesses and policymakers to take advantage of the declining inflation environment.

Households were encouraged to budget more intentionally and avoid unecessary spending while improving savings.

Businesses were advised to strengthen supply chains and pass on cost savings where possible; and government was encouraged to maintain fiscal discipline while investing in systems that stabilise food prices, particularly storage, irrigation and logistics.

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