Ghana’s producer inflation rose to 4.8% in September 2026 from 4.4% in August, driven largely by price increases in mining and manufacturing, according to the latest figures from the Ghana Statistical Service (GSS).
The 0.4 percentage-point increase in the annual rate came despite a slowdown in monthly producer inflation, which fell from 2.5% in August to 1.3% in September. This means producer prices continued to rise during the month, but at a slower pace than they did in August.
Mining and quarrying made the biggest contribution to the annual rate, recording inflation of 5.5% and accounting for 2.4 percentage points of the overall figure. The sector carries a 43.7% weight in the producer price index, while manufacturing, with a weight of 35%, contributed another 1.6 percentage points after recording inflation of 4.6%.
Together, the two sectors accounted for most of September’s producer inflation, with higher prices across several industrial activities keeping the overall rate above August’s level.
Mining and manufacturing costs remain under pressure
Within mining, prices for crude oil and natural gas extraction rose by 18.3% over the year, while mining support services recorded inflation of 5.3%. Prices moved in the opposite direction in other mining and quarrying, which recorded a 2.8% decline, and metal ores, where prices fell by 2.3%.
Manufacturing also saw sharp increases in selected activities. Producer inflation reached 15.8% for leather products and 14.3% for fabricated metal products, while furniture recorded 9.2% and machinery not elsewhere classified recorded 9.0%. Basic metals prices rose by 7.0%.
Not all manufacturing activities recorded increases. Producer prices for non-metallic mineral products fell by 1.1%, while wood products recorded a 0.3% decline.
Electricity and gas prices also continued to rise, although at a slower rate. Annual producer inflation in the sector eased to 9.8% in September from 12.3% in August, but remained the highest among the listed industrial activities.
Industry inflation rises as services slow
Beyond mining and manufacturing, producer inflation for industry excluding construction rose to 7.2% from 6.3% in August. Construction inflation also increased slightly, moving from 4.5% to 4.7%.
Services recorded a different trend, with annual producer inflation slowing to 1.4% from 1.8%. However, some activities within the sector continued to see substantial price increases.
Land transportation recorded inflation of 30.1%, while motion picture, video and television production, sound recording and music publishing recorded 24.2%. Air transport prices rose by 9.3%, while telecommunications recorded no annual change.
Within construction, building activities recorded the highest inflation at 7.0%, followed by specialised construction activities at 4.8% and civil engineering at 3.7%.
What the figures mean
The rise in producer inflation points to continued price pressures for businesses, particularly those operating in mining and manufacturing.
Where higher production costs cannot be absorbed, companies may pass some of them on to customers, although the effect on retail prices will depend on demand, competition and other operating costs.
While the slowdown in monthly producer inflation suggests that price pressures eased in September, producer prices continued to rise, with mining and manufacturing remaining the main drivers of the annual increase.
