Inflation falls to over four-year low in October

Latest reading: Consumer prices increased 8.1% on a year-on-year basis in October, following a 9.4% rise in the prior month. October’s reading marked a tenth consecutive decline in inflation and and the lowest rate since June 2021. Relative to the previous month's data, there were reduced price pressures for food and beverages (+9.4% in annual terms vs +10.8% in September), transport (-4.0% vs -3.9% in September), housing and utilities (+13.9% vs +15.8% in September), clothing and footwear (+9.5% vs +11.0% in September) and recreation and entertainment (+15.1% vs +16.6% in September). Lastly, consumer prices fell 0.40% in October in month-on-month terms, following a 0.90% increase in the previous month.

Panelist insight: On the inflation outlook, economists at Oxford Economics commented: “Regarding the cedi’s recent weakening, we anticipated some correction in the local unit’s valuation in H2 2025, as we viewed the cedi as somewhat overvalued earlier in the year. That said, we do not expect the unit to slip severely against the dollar in the short term, which will, therefore, allow relative currency stability to continue supporting Ghana's disinflationary process throughout the remainder of 2025 and into next year.”

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