The latest data from the Ghana Statistical Service shows Producer Price Inflation (PPI) for August 2024 increased by 33.2 percent compared to the same period in 2023.
This represents a 4.1 percentage point jump from the 29.1 percent rate recorded in July 2024. On a month-on-month basis, the PPI rose by 2.7 percent between July and August 2024.
The industry sector, excluding construction, saw a notable increase in producer price inflation, from 37.9 percent in July to 44.2 percent in August.
In contrast, the construction sector experienced a decline in inflation rate to 27.7 percent. The services sector also recorded an uptick in inflation, rising from 12.6 percent in July to 14 percent in August.
Sector-specific data revealed that Mining and Quarrying recorded the highest inflation rate of 54.2 percent, surpassing the national average.
Conversely, Water Supply, Sewerage, and Waste Management activities recorded the lowest rate of 3.2 percent.
These figures suggest continued pressure on production costs, which may have implications for consumer prices in the coming months.
The August 2024 PPI report underscores the ongoing challenges faced by producers and underscores the need for policymakers to monitor inflation trends closely.
By Eben Agyekum-Boateng, 3Business
The post Producer Price Inflation surges to 33.2% in August 2024 first appeared on 3News.
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