Producer inflation accelerated in September 2026, with Ghana’s Producer Price Index (PPI) rising by 4.8 percent year-on-year, up from 4.4 percent in August, driven largely by higher prices in the mining and quarrying and manufacturing sectors.
According to the latest Producer Price Index report released by the Ghana Statistical Service (GSS), producers received on average 4.8 percent more for their goods and services in September 2026 compared with the same period a year earlier.
On a monthly basis, producer prices increased by 1.3 percent between August and September.
The overall PPI index stood at 283.2 in September, with the Industry less Construction sector recording the strongest annual inflation rate of 7.2 percent.
Construction posted inflation of 4.7 percent, while the Services sector recorded the lowest rate at 1.4 percent.
Mining and quarrying remained the largest contributor to producer inflation, recording an annual inflation rate of 5.5 percent, up from 4.9 percent in August.
The sector contributed 2.4 percentage points to the overall inflation rate.
Manufacturing inflation also strengthened, rising to 4.6 percent from 3.6 percent a month earlier and contributing 1.6 percentage points to overall producer inflation.
However, inflation eased in several other sectors. Electricity and gas inflation slowed to 9.8 percent from 12.3 percent, while water supply, sewerage and waste management declined to 8.3 percent from 10.1 percent.
Transport and storage inflation eased to 5.8 percent from 6.5 percent, while accommodation and food services saw a sharp decline to 2.7 percent from 7.4 percent.
Industrial sector records strongest growth
The Industrial Producer Price Index (I-PPI) increased by 7.2 percent year-on-year in September, representing a 0.9 percentage-point increase from the 6.3 percent recorded in August.
On a month-on-month basis, industrial producer prices rose by 1.8 percent.
Among industrial sub-sectors, mining and quarrying recorded the highest annual inflation rate at 5.5 percent, followed by electricity and gas at 9.8 percent and water supply and waste management at 8.3 percent.
The mining sector continued to post the highest index levels throughout the review period, rising from 360.5 in September 2025 to 380.4 in September 2026.
Leather products top manufacturing inflation
Within manufacturing, eight of the 23 major groups recorded inflation rates above the sector average of 4.6 percent.
The manufacture of leather and related products registered the highest inflation rate at 15.8 percent, followed by fabricated metal products at 14.3 percent.
Furniture manufacturing recorded inflation of 9.2 percent, while machinery and equipment manufacturing posted 9.0 percent.
In contrast, the manufacture of other non-metallic mineral products remained in deflation territory, recording a negative inflation rate of 1.1 percent.
The extraction of crude oil and natural gas recorded the highest inflation rate within mining and quarrying at 18.3 percent.
Meanwhile, inflation in the mining of metal ores sub-sector worsened from negative 0.4 percent in August to negative 2.3 percent in September. Mining support service activities also slowed slightly, recording inflation of 5.3 percent compared with 5.7 percent previously.
The Construction Producer Price Index (C-PPI) recorded annual inflation of 4.7 percent in September, marginally higher than the 4.5 percent recorded in August.
Construction prices rose by 0.4 percent on a monthly basis, with the overall index increasing from 218.0 in September 2025 to 228.2 in September 2026.
Construction of buildings recorded the highest annual inflation rate among the major construction categories at 7.0 percent.
Specialised construction activities posted 4.8 percent inflation, while civil engineering recorded 3.7 percent.
Within civil engineering, construction of utility projects recorded the highest year-on-year inflation rate at 21.7 percent.
Producer inflation in the services sector remained relatively low at 1.4 percent in September, with prices increasing by 0.3 percent over August.
Transport and storage led the sector with inflation of 5.8 percent, followed by accommodation and food services at 2.7 percent. Information and communication remained largely stable, recording inflation of just 0.4 percent.
Within transport and storage, land transport posted the highest inflation rate at 30.1 percent, while postal and courier activities recorded the lowest rate at 1.8 percent.
In the information and communication sector, motion picture, video and television production, sound recording and music production recorded the highest inflation rate at 24.2 percent.
Monthly inflation slows despite annual pickup
Although annual producer inflation strengthened in September, the monthly inflation rate slowed significantly to 1.3 percent from 2.5 percent in August.
The deceleration was largely due to slower monthly price growth in mining and quarrying, where inflation fell to 2.0 percent from 4.9 percent recorded in August.
Nevertheless, positive month-on-month price increases across industrial, construction and services activities kept producer prices on an upward trajectory, signalling continued cost pressures across key sectors of the economy.
Source: businesspostonline
