Recent data from the Ghana Statistical Service shows that Producer Price Inflation (PPI) rose to 33.2% in August 2024, up from 29.1% in July 2024, marking a 4.1 percentage point increase.
The month-on-month producer inflation rate for August stood at 2.7%.
The Producer Price Index (PPI) tracks the average change over time in the selling prices of goods and services as received by domestic producers.
In the Industry sector (excluding construction), producer inflation jumped from 37.9% in July to 44.2% in August 2024. However, the construction sector saw a decrease in inflation, dropping to 27.7% in August.
In the Services sector, the inflation rate increased from 12.6% in July to 14.0% in August 2024. Mining and Quarrying activities recorded inflation rates above the national average of 33.2%, while the Water Supply, Sewerage, and Waste Management sector had the lowest rate of 3.2% in August.
The Construction sector’s PPI for August 2024 was 22.7%, a notable 7.8 percentage point drop from 30.5% in July. The month-on-month change in construction inflation between July and August was 0.4%.
Within the construction industry, the civil engineering sub-sector posted the highest year-on-year producer inflation rate at 24.7%, followed by building construction at 18.7%. Specialized construction recorded the lowest year-on-year inflation rate at 16.7%.
The specialized construction sub-sector also had the highest month-on-month inflation at 2.4%, while building construction recorded 1.1%. The civil engineering sub-sector registered no month-on-month inflation in August.
In the Extraction of Crude and Natural Gas sector, inflation dropped to 33.4% in August 2024, down by 10.6 percentage points from July’s rate of 44.0%.
Conversely, the Mining of Metal Ores saw a significant increase in inflation, rising to 71.7% in August from 54.2% in July. Mining support service activities recorded an inflation rate of 42.9%.
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