Surprisingly, refuse disposal, despite its small weight of just 0.5% in the inflation basket, saw a staggering year-on-year price surge of 130.9%, making it one of the biggest contributors to the overall rate.

Meanwhile, Government Statistician, Dr. Alhassan Iddrisu, says the sustained disinflation presents a crucial opportunity to shift from reactive price controls to more structural solutions.

He is urging businesses to rethink their sourcing models, noting that: “With inflation on locally produced goods declining faster than imported ones, businesses can reduce exposure to global supply shocks by increasing local sourcing, especially for food, packaging, and logistics inputs.”

He also advised firms to be more responsive to changing consumer behavior “Businesses could practice strategic pricing, not sharp increases, given the disinflation and even month-on-month deflation as consumers are more price-sensitive.”

In the face of rising food prices — with staples like yam still among the top inflation drivers — GSS also recommends changes in household purchasing behavior:

“Households should lean into bulk purchases of staples, buy local produce where possible, and favor in-season vegetables, cereals, and proteins, which are experiencing sharper price drops.”

As regional disparities in inflation persist, Dr. Iddrisu emphasized that economic policy must become more targeted:

“Tailor social protection and economic policy by Region as blanket policies will not be effective given wide regional disparities in inflation.”