Producer price inflation (PPI) in Ghana slowed slightly to 1.3% in November 2025, down from 1.4% in October, according to the latest figures from the Ghana Statistical Service (GSS). This 0.1 percentage-point drop reflects a gradual easing of cost pressures at the factory level, signaling a more stable environment for producers.
On a year-on-year basis, ex-factory prices increased by an average of 1.3% between November 2024 and November 2025. This marks a sharp slowdown compared to the previous year, with the inflation rate 25.7 percentage points lower than the same period in 2024. Analysts suggest this moderation highlights reduced production cost pressures across key sectors.
The month-on-month decline of 1.9% in producer prices from October to November 2025 indicates that many producers charged lower prices, reflecting an overall softening of inflationary trends. The easing was uneven, influenced by movements across major industrial sectors, including manufacturing, mining, and transport.
In sector-specific trends, the mining and quarrying sector—the largest component of the PPI at 43.7%—saw an uptick in inflation, rising from 0.7% in October to 2.3% in November. Conversely, the manufacturing sector, which accounts for 35% of the PPI weight, experienced a notable slowdown, with producer inflation dropping from 2.5% to just 0.5%. Transport and storage also recorded continued contraction, falling from -8.8% to -9.0%.
Within manufacturing, price pressures were uneven, with ten of the 23 major groups exceeding the sector average. The manufacture of leather and related products saw the highest surge at 35%, followed by textiles at 26.5%. Meanwhile, coke and refined petroleum products recorded the steepest decline, contracting by 12.5%, highlighting the mixed nature of inflation within the sector.
source: citi newsroom