The annual inflation rate fell to 12.6 percent in May from the 13.0 percent recorded in April, due to general decline in prices for both the food and non-food groups.
The rate of inflation is the lowest since December 2013.
The monthly change rate for May was 0.7 percent compared to the 1.6 percent recorded for April.
Mr Baah Wadieh, Acting Government Statistician, said both the food and non-alcoholic beverages group and the Non-Food group recorded lower rates during the month.
The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 6.3 percent, down 0.4 percentage points compared with 6.7 percent in April.
The price drivers for the food inflation rate were fish and sea food and meat and meat products
The year-on-year non-food inflation rate for May was 15.8 percent compared with the 16.3 percent for April 2017.
The main price drivers for the non-food inflation rate, include transport, recreation and culture, furnishings, household equipment and routine maintenance.
The inflation rate for imported items, which stood at 14.5 percent, was 2.7 percentage points higher than that of locally produced items with inflation rate of 11.8 percent.
Five Regions, Greater Accra, Upper West, Ashanti, Brong Ahafo and Western recorded inflation rates higher than the national average of 12.6 percent.
The Greater Accra Region recorded the highest year-on-year inflation rate of 13.6 percent, followed by the Upper West Region with 13.5 percent while the Upper East Region recorded the lowest of 9.1 percent.