THE country’s year-on-year infla­tion rate dropped to 9.4 per cent in September 2025 from 11.5 per cent in August, reflecting the lowest inflation level recorded in four years.

This marks the ninth consec­utive month of decline, signalling sustained economic stability and improved price conditions.

The month-on-month infla­tion rate stood at 0.9 per cent, indicating a moderate rise in the general price level between August and September.

Announcing the September Consumer Price Index (CPI) in Accra yesterday, the Govern­ment Statistician, Dr Alhasan Iddrisu, attributed the continued fall in inflation to a more stable macroeconomic environment, easing food prices, and improved exchange rate conditions.

“The September inflation figure is not just a statistic, it represents a real and meaningful shift in our economy”.

“We are experiencing a dis­inflation process where inflation remains positive, but the rate at which prices increase is slowing down steadily,” he mentioned.

He said the Consumer Price Index rose to 258 in September 2025 from 235.8 a year earlier.

“This means that, on average, prices in September 2025 were 9.4 per cent higher than in the same period last year,” he adaded.

He also noted that food infla­tion was a significant contributor to the decline, which fell to 11 per cent in September from 14.8 per cent in August.

Dr Iddrisu said that although food prices increased by 0.6 per cent between August and September, the year-on-year drop provided some respite to households, as food forms the largest component of consumer spending.

He again stated that non-food inflation also eased slightly, recording 8.2 per cent in Septem­ber, down from 8.7 per cent in August.

However, non-food prices rose by 1.1 per cent on a monthly basis, driven mainly by increases in housing, utilities, education, and services.

Furthermore, Dr Iddrisu indicated that inflation for locally produced items dropped from 12.2 per cent in August to 10.1 per cent in September, while inflation for imported items fell from 9.5 per cent to 7.4 per cent.

He underlined that the relative strength of the cedi and lower global commodity prices have made imports cheaper.

He explained that goods inflation, which constitutes about three-quarters of the inflation basket, declined from 13.9 per cent to 11.2 per cent. Services inflation also slowed from 5.4 per cent to 4.8 per cent, although both goods and services saw month-on-month price increases.

Regionally, he emphasised that inflation remained uneven, add­ing that, “the Upper West Region recorded the highest regional inflation at 20.1 per cent, while the North East Region registered the lowest at 1.2 per cent.”