Producer Price Inflation rose to 3.2 percent in September 2025, up from 3.0 percent in August, according to the Ghana Statistical Service, representing a 0.2 percentage point increase.
The PPI index measures average change over time of prices received by domestic producers at the factory gate for goods and services. Despite the monthly rise, this marks a sharp year-on-year decline of 27.3 percentage points compared to 30.5 percent recorded in September 2024, reflecting continued easing of producer price pressures.
On a month-on-month basis, producer inflation slowed to 0.9 percent in September from 2.1 percent in August, reflecting reduced short-term price pressures across most major sectors. On average, producers received 0.9 percent more for their goods and services than in the previous month.
The industry less construction group, which accounts for the largest share of the index, recorded 3.8 percent year-on-year inflation in September. The construction sector posted 4.6 percent while services remained broadly flat, recording negative 0.1 percent. Recent trends suggest persistent sectoral divergence, with mining and energy shaping the aggregate movement even as some manufacturing sub-groups remain in disinflation.
Mining and quarrying, which carries a weight of 43.7 percent on the index, posted 5.0 percent inflation, up from 4.9 percent in August, and contributed 2.2 percentage points to the overall 3.2 percent headline rate. The increase in mining sector inflation reflects cost movements for upstream extraction and service inputs to the sector.
Manufacturing, the second-largest component with a weight of roughly 35 percent, recorded 1.7 percent inflation and contributed 0.6 percentage points. Electricity and gas recorded the steepest increase among major industries at 9.0 percent year-on-year, contributing 0.4 percentage points. Within this, the electric power generation, transmission and distribution subcomponent rose even higher at 9.8 percent, highlighting persistent energy-related input cost pressures.
Water supply, sewerage and waste management recorded 3.1 percent inflation. Transport and Storage sector continued to experience price declines, with inflation falling by 8.2 percent in September, compared to a decline of 8.0 percent in August, dragging the overall services index into slight deflation.
A deeper look at subsectors reveals a highly uneven pricing environment across industrial activities. In manufacturing, the manufacture of motor vehicles and trailers posted the highest inflation at 35.8 percent, followed by leather and related products at 35 percent. These categories continue to reflect imported input sensitivity, particularly in spare parts and processed leather.
By contrast, basic metals recorded negative 13.6 percent inflation, reflecting price declines in steel and related materials. The divergence between heavy machinery-related price rises and metal feedstock deflation highlights structural pricing asymmetries within industry.
In a policy note accompanying the release, the GSS urged businesses to cut waste, boost efficiency, and reinvest savings in technology and workforce development. The Service encouraged firms to convert inflationary pressures into productivity gains, adding that government policy should focus on targeted tax reliefs, energy and transport reforms, and strengthening local supply chains to reduce production costs and improve competitiveness.
For households, the GSS advised consumers to compare prices, spend intentionally, and support businesses that pass on cost savings.
The producer inflation data comes as consumer price inflation also continues to moderate. In September, Ghana’s overall inflation rate slowed to 9.4 percent, its lowest level in four years, marking nine consecutive months of decline.
