Ghana's annual consumer inflation fell further to 12.1% in July 2025, the lowest since October 2021, extending its downward trend for the seventh month. The cedi’s ongoing resilience, fueled by rising gold and cocoa prices, played a central role. Food inflation decelerated to 15.1% in July from 16.3% a month earlier and non-food price growth eased to 9.5% from 11.4% the month before. On a monthly basis, the CPI rose by 0.7%, after a 1.2% decrease in the prior month.