Producer Price Inflation surges to 33.2% in August 2024

The year-on-year inflation rate at ex-factory prices for all goods and services increased to 33.2% in August 2024 from 29.1% in July 2024.

The month-on-month producer inflation rate was however 2.7%.

According to data from the Ghana Statistical Service, the producer price inflation (PPI) in the Industry sector excluding the construction sector increased from 37.9% in July 2024 to 44.2% in August 2024.

The rate in the construction sector however decreased to 27.7% in August 2024.

In the Services sector, the rate increased from 12.6% percent in July 2024 to 14.0% in August 2024.

The Mining and Quarrying (54.2%) recorded inflation rates above the national average (33.2%), while Water Supply, Sewerage and Waste Management activity recorded the lowest rate of 3.2% in August 2024.

Mining and Quarrying Sub-Sector

In August 2024, the Extraction of crude and natural gas recorded an inflation rate of 33.4%, indicating a decrease of 10.6 percentage points over the July 2024 rate of 44.0%.

Mining of metal ores increased to 71.7% in August 2024 from 54.2% in July 2024. Mining support service activities recorded an inflation rate of 42.9%.

Manufacturing Sub-Sector

In August 2024, three of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the Sector’s average of 22.9%.

The Manufacture of basic metals recorded the highest inflation rate of 51.9%, followed by the Manufacture of beverages at 41.3%.

Water Supply, Sewerage and Waste Management Sub-Sector

The water collection, treatment, and supply inflation recorded the highest (4.8%) rate in August 2024. Waste collection, treatment, and disposal activities; materials recovery recorded an inflation rate of 1.6%. This is indicate an increase of 1.2 percentage point over July 2024 rate of 0.4%.