May inflation drops to 18.4%, lowest since February 2022

Ghana’s year-on-year inflation rate for May 2025 has dropped to 18.4 percent, marking a sharp decline of 2.8 percentage points from the 21.2 percent recorded in April.

This represents the fifth consecutive monthly decline in inflation, and the lowest rate since February 2022.

Announcing the latest Consumer Price Index (CPI) figures at a press briefing in Accra, Government Statistician Dr. Alhassan Iddrisu attributed the continued easing of inflation to a recent drop in fuel prices, which triggered a nationwide reduction in transport fares.

These developments, he noted, significantly contributed to easing inflationary pressures during the month under review.

Dr. Iddrisu indicated that food and non-alcoholic beverages were the largest contributors to overall inflation, followed by housing, water, electricity, gas, and other fuels.

On a regional scale, the Upper West Region recorded the highest inflation rate at 38.1 percent, while the Ahafo Region posted the lowest at 14.5 percent.

The Ghana Statistical Service (GSS) emphasized that the reduction in transport-related costs and a general slowdown in non-food inflation were key drivers of the May figures.

The consistent decline signals a slowdown in the pace at which consumer prices are rising, offering some relief to households and businesses.