Ghana's annual consumer inflation moderated for the fifth month to 18.4% in May 2025, reaching the lowest point since February 2022, mainly supported by a stronger currency. Ghana, the largest gold producer in Africa, has seen its currency, the cedi, appreciate by over 30% this year, making it the world’s top-performing currency, buoyed by a surge in gold prices. Price growth slowed for both food (22.8% vs 25% in April) and non-food products (14.4% vs 17.9%). On a monthly basis, consumer prices rose by 0.7% in May.