Latest figures from the Ghana Statistical Service (GSS) show that Producer Price Inflation (PPI) edged down to 1.6 percent in January 2026 from 1.9 percent in December 2025, representing a 0.3 percentage point decline.

Data released on February 18, 2026, indicate that on a year-on-year basis, ex-factory prices of goods and services increased by 1.6 percent between January 2025 and January 2026. This rate is 26.9 percentage points lower than the 28.5 percent recorded in January 2025, highlighting a substantial easing in producer price pressures over the past year.

However, on a month-on-month basis, producer prices rose sharply by 3.3 percent in January 2026, compared to a contraction of 0.8 percent in December 2025. The reversal signals renewed short-term price pressures despite the broader annual moderation.

Sectoral data present a mixed picture across the economy.

Mining and quarrying, which holds the largest weight in the PPI basket at 43.7 percent, recorded a year-on-year inflation rate of 3.7 percent in January 2026, up from 3.3 percent in December 2025 — a 0.4 percentage point increase.

In contrast, the manufacturing sector, accounting for 35 percent of the index, experienced a sharp decline, with inflation falling to negative 2.2 percent in January 2026 from 0.1 percent in December 2025 — a drop of 2.3 percentage points.

The electricity and gas sector saw a notable rise in inflation to 14.8 percent in January 2026, up from 6.1 percent the previous month. Likewise, water supply, sewerage and waste management increased to 9.9 percent from 2.3 percent over the same period.

The transport and storage sub-sector maintained its downward trajectory, with inflation deepening to negative 6.9 percent in January 2026 from negative 3.7 percent in December 2025.

Accommodation and food service activities also recorded further deflation at negative 5.4 percent, compared to negative 3.2 percent in December 2025.

Meanwhile, information and communication registered a slight moderation, easing to 1.4 percent in January 2026 from 1.7 percent in December 2025.

Overall, although annual producer inflation continues to ease, the strong month-on-month increase suggests emerging short-term cost pressures that could shape pricing trends across key sectors in the months ahead.