Inflation Drops to 22.4% in March 2025 on Easing Food Prices; Lowest Since November 2024
Headline inflation for March 2025 has declined to 22.4% from 23.1% recorded in February, according to data released by the Ghana Statistical Service (GSS).
The decline is attributed to a slowdown in the general price levels of certain food items, marking the second consecutive drop in food prices. This also represents the lowest inflation rate recorded since November 2024.
Speaking on the latest inflation figures, Government Statistician Samuel Annim noted, “In the month of March 2025, year-on-year inflation stood at 22.4%, which simply means that general price levels of goods and services between March 2024 and March 2025 went up by 22.4%. This indicates a slowdown in the rate of inflation, as year-on-year inflation for the month of February 2025 stood at 23.1%, slowing down by 0.7% to 22.4% for March 2025.”
A breakdown of the inflation data shows a 7.8 percentage point difference between food and non-food inflation. Food inflation stood at 26.5%, while non-food inflation was recorded at 18.7%.
“In the month of March 2025, we have recorded a much sharper decline in food inflation, with a decline by 1.6 percentage points, and a marginal decline in non-food inflation, with a decline by 0.1 percentage point between February 2025 and March 2025,” Mr. Annim explained.
On locally produced and imported goods, the data reveals a 5.3 percentage point difference in inflation rates. Inflation on locally produced items stood at 4.0% for March 2025, whereas inflation on imported items was recorded at 18.7%.
Regionally, inflation rates varied significantly. The Upper West Region recorded the highest inflation rate of 36.2%, nearly double that of the Volta Region, which recorded the lowest rate of 18.9%.
From a month-on-month perspective, general price levels of goods and services increased by 0.2% in March 2025, representing a 1.1 percentage point decline from February 2025’s monthly inflation rate of 1.3%.
Disaggregating monthly inflation further, food prices recorded a deflation of 0.2% between February and March 2025.
The latest inflation figures suggest a gradual easing of price pressures, driven primarily by declining food inflation. However, inflation on imported goods remains significantly higher than that of locally produced items, signaling the continued impact of global price trends on the Ghanaian economy.
