Ghana's year-on-year producer price inflation fell to 37.5 percent in November from a revised 40.1 percent in October, brought down by lower gold prices, the national statistics office said on Wednesday.

The figures give an indication of the fiscal challenges facing the West African country, whose GDP growth is starting to slow after years of rapid expansion thanks to exports of gold, cocoa and oil.

Inflation in the mining and quarrying subsector, of which gold is a vital component, fell 8.1 percentage points from the October rate of 48.7 percent, government statistician Philomena Nyarko told a press conference in Accra.

Inflation in manufacturing, which constitutes more than two-thirds of the total industry index, also fell by 2.1 percentage points to 39 percent. The utilities subsector recorded an inflation rate of 27.6 percent, down 0.2 percent over the previous month.

On a month-on-month basis the inflation rate was down 1 percent, Nyarko said.