BTA2023 In August 2024, Producer Price Inflation (PPI) was 33.2 percent more than it was in the same month the previous year, according to the most recent data released by the Ghana Statistical Service.
By comparison, the rate in July 2024 was 29.1%. This is a 4.1 percentage point increase. July and August of 2024 saw a month-over-month increase in the PPI of 2.7 percent.
Producer price inflation increased noticeably in the industry sector (except from construction), rising from 37.9 percent in July to 44.2 percent in August.
In comparison, the rate of inflation in the construction industry decreased to 27.7 percent. Inflation in the services sector increased as well, from 12.6% in July to 14% in August.
According to data unique to the sector, the Mining and Quarrying industry had the greatest rate of inflation at 54.2 percent, which was higher than the national average.
Activities related to waste management, sewage, and water supply, on the other hand, had the lowest rate, 3.2%.
These numbers point to ongoing pressure on production costs, which could have an impact on retail pricing in the upcoming months.
The August 2024 PPI report emphasises the continued difficulties faced by producers as well as the necessity for policymakers to keep a careful eye on inflation trends.
