Ghana’s producer prices rose 3.3% month-on-month in January 2026, prompting the Government Statistician, Dr. Alhassan Iddrisu, to urge households, businesses and policymakers to adjust spending and pricing decisions carefully to avoid amplifying short-term pressures.
The Producer Price Index (PPI) tracks price changes at the factory gate, reflecting what producers receive for goods and services before they reach consumers. Economists often watch it closely because sustained producer cost increases can feed through to consumer inflation over time.
“Moderate” year-on-year, but momentum is rising
At the January PPI release, Iddrisu said data showed that year-on-year producer inflation remains moderate, but that short-term momentum was strengthening given the month-on-month jump.
Local business reporting also cited the Ghana Statistical Service as putting annual producer inflation at 1.6% in January 2026, down from December, even as the month-on-month movement signalled renewed near-term pressure.
Guidance for households and firms
Citi Newsroom reported that Iddrisu recommended that consumers shift spending toward goods and services with more stable prices, and make “value and price” decisions using PPI trends as a guide.
For firms, he advised companies dependent on manufactured inputs to consider negotiating medium-term supply contracts, pointing to the data signal that manufacturing inflation was negative. But he cautioned firms against aggressive price hikes, saying the 3.3% month-on-month rise suggests pressure that should be managed carefully to avoid demand contraction.
What government is being told to watch
Iddrisu also urged authorities to monitor price movements closely, warning that strong month-on-month growth could signal re-acceleration if not tracked.
He highlighted declining transport inflation as a positive factor for competitiveness, and urged policies that keep fuel supply stable and improve logistics efficiency.
Wider inflation context
The PPI update comes against a backdrop of easing consumer inflation in Ghana over recent months. Reuters reported earlier this month that Ghana’s consumer inflation slowed to 3.8% year-on-year in January, continuing a sustained downward trend.
While the PPI and CPI measure different parts of the price chain, analysts often look at both to understand whether producer-side costs are likely to reinforce or challenge a broader disinflation trend.
What we know and what we don’t
What we know: Producer prices rose 3.3% month-on-month in January 2026, and the Government Statistician is warning against overreacting while urging careful pricing, contracting and monitoring strategies.
What we don’t know yet: Which specific sub-sectors drove the month-on-month rise most sharply, and whether the short-term momentum persists into February data.