November Inflation Shows Clear Path to Meeting Inflation Targets

The consumer price index defied the recent and renewed pressures on the Ghanaian Cedi as it ticked up marginally in November 2025 to 259.4 points, up from 243.9% over the same period last year. This thus translated to a much slower inflation growth, with the headline inflation rate coming in at 6.3% in November 2025, the lowest reading since the 2021 price rebasing. Inflation has seen a drastic decline in 2025, slowing from a high of 23.8% at the close of last year, mainly due to prudent fiscal measures, the local currency’s impressive performance in most parts of the year, and a drop in the prices of petroleum products.

The month-on-month inflation reading, on the other hand, registered an increase to 0.9% in November, having seen a general price decline in the previous month with a deflation of 0.4%. The rise in the general price levels in November, relative to the previous month, was fueled by the local currency’s struggle, and as demand picked up steadily ahead of the yuletide. This notwithstanding, the inflation outlook remains stable with inflation expected to end the year within the central bank’s medium-term target band of 8.0% ± 2.0% as well as the government’s end-period inflation target of 11.9%.

Despite expectations of an increase in consumption before and during the festive season, food inflation maintained its slowing course as it lowered to 6.6% in November, down from 9.5% in October. Month-on-month food inflation rose from a deflation of 1.0% in October to print at 1.1% in November, in spite of some key items such as Live animals, Milk & dairy products, and Cocoa drinks recording a general price decline. The rise in the monthly leading was, however, driven by Fruits & nuts, Fruits & vegetable juices, and Fish & other seafoods, which rose from 0.2%, -0.5%, and -0.7% in October to 1.6%, 1.7%, and 1.7% in November, respectively.

The non-food and alcoholic beverage category edged down from 6.9% in October to print at 6.1% in November, the fifth single-digit inflation in a row. Transport, which saw its sixth consecutive deflationary print, continued to weigh down the wider group’s inflation direction. The month-on-month inflation reading, however, registered an increase from 0.0% in October to 0.8% in November. Personal care & miscellaneous goods recorded the highest and the biggest increase in the monthly inflation reading for this category at 3.5% in November.

Across the regions, the inflation rate hovered between 0.02% in the Savannah region and 12.2% in the North East region. Inflation on both local and imported items underwent some declines, slowing down to 6.8% and 5.0% in November from 8.0% and 7.8% in October, respectively.

At the December sitting of the central bank’s Monetary Policy Committee (MPC), the committee observed that the overall macroeconomic conditions have broadly improved and that, given the anticipated significant decline in inflation by the end of the year, the tight monetary policy stance and the significant buildup of reserves, a stable inflation outlook is expected. Consequently, the MPC handed down another significant policy rate cut, slashing the rate by 350 basis points to 18.0%.