Ghana’s inflation drops for third consecutive month to 22.4% in March 2025

The annual consumer inflation rate of Ghana has decreased for the third sussesive month, reaching 22.4 per cent in March 2025 from 23.1 per cent in the month of February. As per the Ghana Statistical Service (GSS), the decrease is accredited to relieving food price pressures.

The Government Statistician, Samuel Kobina Annim, narrated the development as a reduction in inflationary pressures, mainly in food prices. “Again, 22.4 per cent is the lowest rate recorded in the last four months,” he made it clear at a press conference on Wednesday in Accra.

In March, food inflation dropped sharply to 26.5 per cent from 28.1 per cent in the month of February, while non-food inflation recorded a minimal decrease from 18.8 per cent to 18.7 per cent.
Inflation for Ghana-made or locally goods also fell from 25.1 per cent to 24.0 per cent. However, the inflation rate for imported items poked up moderately to 18.7 per cent from 18.5 per cent in the previous month.

The relieving of inflation comes just after some days after the Bank of Ghana (BoG) made a shocking move by lifting its benchmark interest rate by 100 basis points to 28 per cent. The central bank rationalize the plod, highlighting the need for a dense monetary policy posture to bring inflation further under control.

“The current reduction in inflation goes in line with the monetary measures being imposed to balance price growth,” analysts have noticed. The BoG’s shocking rate plod indicates a commitment to making sure price stability amid ongoing economic challenges.

A disintegration of inflation across sectors showed that Food and Non-Alcoholic Beverages documented an inflation rate of 26.5 per cent, while Electricity, Housing, Water , Gas, and Other Fuels recorded 25.1 per cent, both exceeding the national average. Regionally, the Upper West Region registered the maximum inflation rate at 36.2 per cent, while the Volta Region had the minimum at 18.9 per cent.