Ghana’s annual consumer inflation rate has declined for the third consecutive month, reaching 22.4 percent in March 2025 from 23.1 percent in February.

According to the Ghana Statistical Service (GSS), the decline is attributed to easing food price pressures.

The Government Statistician, Samuel Kobina Annim, during a press conference in Accra described the development as a drop in inflationary pressures, particularly in food prices. “The rate of 22.4 percent is the lowest in the last four months,” he said.

In March, food inflation fell sharply to 26.5 percent from 28.1 percent in February, while non-food inflation registered a marginal decline from 18.8 percent to 18.7 percent.

Inflation for locally produced goods also dropped from 25.1 percent to 24.0 percent. However, the inflation rate for imported items inched up slightly to 18.7 percent from 18.5 percent in the previous month.

The easing of inflation comes just days after the Bank of Ghana (BoG) made a surprise move by raising its benchmark interest rate by 100 basis points to 28 percent. The central bank justified the hike, emphasizing the need for a tight monetary policy stance to bring inflation further under control.

“The recent decline in inflation aligns with the monetary measures being implemented to stabilize price growth,” analysts have observed. The BoG’s unexpected rate hike signals a commitment to ensuring price stability amid ongoing economic challenges.

A breakdown of inflation across sectors showed that Food and Non-Alcoholic Beverages recorded an inflation rate of 26.5 percent, while Housing, Water, Electricity, Gas, and Other Fuels registered 25.1 percent, both exceeding the national average.

Regionally, the Upper West Region recorded the highest inflation rate at 36.2 percent, while the Volta Region had the lowest at 18.9 percent.