The rate of inflation fell to 8.0 per cent in October compared to 9.4 per cent in September, the Ghana Statistical Service said on Wednesday.
This is the lowest rate in four years and the 10th straight month of decline.
Dr Alhassan Iddrisu, the Acting Government Statistician, said the overall prices decreased by 0.4 per cent between September and October.
He said food inflation fell to 9.5 per cent in October, down from 11.0 per cent in September, while food prices decreased by 1.0 per cent between September and October.
The Government Statistician said non-food inflation eased to 6.9 per cent from 8.2 per cent in September, while non-food prices, however, rose 0.04 per cent month-to-month.
He said inflation for goods slowed to 9.3 per from 11.2 per cent in September, goods prices also decreased by 0.7 per cent month-to-month.
He said services inflation eased more gently, from 4.8 per cent in September to 4.6 per cent in October, but service costs rose 0.5 per cent between September and October.
Since goods account for nearly 75 per cent of the CPI basket, the slowdown in goods inflation is a relief for consumers where it matters most.
Local inflation fell from 10.1 percent in September to 8.0 percent in October, while imports rose from 7.4 percent to 7.8 percent.
North East recorded the highest rate at 17.3 per cent, while Bono East had the lowest at 1.1 percent.
“Local supply, transport costs, and market access could be driving these gaps,” he said.
On recommendations for businesses, he urged them to invest in efficiency and local supply chains while inflation was low.
He called on businesses to cut waste, strengthen sourcing from local producers, and reposition to grow as the economy stabilizes.
He advised them to pass cost savings to consumers where inputs were cheaper to build trust and competitiveness
The Government Statistician urged households to take advantage of the falling inflation to plan ahead (budget smarter, avoid unnecessary spending, and set aside whatever little you could.
He encouraged the government to maintain fiscal discipline, focus resources on keeping food prices low by strengthening storage, irrigation, and transport and tackle regional disparities.
