Producer Price Inflation rises to 33% in October 2024

The Producer Price Inflation (PPI) rate for October 2024 shot up by 2.5 percentage points to 33.0%.

This was from 30.5% in September 2024.

According to the Ghana Statistical Service, the month-on-month change in the PPI between September 2024 and October 2024 was 3.0%.

The PPI in the Industry sector, excluding the construction sector increased from 43.3% in September 2024 to 48.8% in October 2024.

The rate in the construction sector also increased to 31.5% in October 2024.

In the Services sector, the rate recorded the same as 12.4 percent in October 2024.

Similarly, the Mining and Quarrying (54.3%), recorded inflation rates above the national average (33.0%), while Water Supply, Sewerage and Waste Management activity recorded the lowest rate of 4.1% in October 2024.

Manufacturing Sub-Sector

In October 2024, four of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the Sector’s average of 22.7%.

The Manufacture of motor vehicles, trailers and semi-trailers recorded the highest inflation rate of 87.7%, followed by the Manufacture of basic metals at 50.8%.

Water Supply, Sewerage, and Waste Management Sub-Sector

Waste collection, treatment, and disposal activities; materials recovery recorded an inflation rate of 7.2%. Thois indicated an increase of 0.2 percentage points over the September 2024 rate of 7.0 percent. The water collection, treatment, and supply inflation recorded the lowest inflation (2.9%) rate in October 2024.

Others

The Service producer price inflation in the Transport and Storage sub-sector increased by 0.5 percentage points from 32.0% in September 2024 to 32.5% in October 2024.

The Accommodation and Food Services sub-sector rate decreased by 2.2 percentage points from 31.8% in September 2024 to 29.6% in October 2024.

The Information and Communication sub-sector recorded an inflation rate of 8.0% for October 2024.