The Ghana Statistical Service has reported a significant increase in the Producer Price Inflation (PPI) rate for June 2024, which has risen to 25.9%, up from 23.6% in May 2024.
This marks a 2.5 percentage point surge in producer inflation over the previous month. The month-on-month change in the rate between May and June 2024 was recorded at 2.7%.
The PPI measures the average change over time in the selling prices of goods and services received by domestic producers, serving as a key indicator of economic trends. The latest data highlights notable inflationary pressures within Ghana’s production sectors.
In the industry sector, excluding construction, producer price inflation increased to 29.4% in June 2024, up from 28.5% in May 2024. The construction sector also saw its rate rise to 29.4% in June. The services sector experienced an increase from 11.4% in May to 12.2% in June 2024.
Specific sectors such as mining and quarrying, construction, accommodation, and food services activities recorded inflation rates above the national average. Conversely, water supply, sewerage, and waste management activity registered the lowest inflation rate at 2.6% in June 2024.
The PPI data released by the GSS for the month of June underscores the varying inflationary pressures across different sectors of Ghana’s economy, reflecting the broader economic challenges faced by domestic producers.