PPI for January 2024 rises marginally to 17.4 percent

Producer Price Inflation (PPI) for the month of January 2024 increased marginally to 17.4% from the 16.6% recorded in December 2023.

This rate indicates that between January 2023 and January 2024 (year-on-year), the PPI increased by 17.4 percent, representing a 0.8 percentage point increase in producer inflation relative to the rate recorded in December 2023 (16.6%).

However, the month-on-month change in the PPI between December 2023 and January 2024 was 1.7 percent.

The PPI is the average prices of goods and services received by domestic producers for production activities.

According to the latest data from the Ghana Statistical Service, electricity and gas, construction, mining and quarrying and accommodation and food services recorded rates above the national average while the manufacturing activity recorded the lowest rate of 9.7 percent in January 2024.

The services sector dipped by 0.7 percent in January 2024, recording a rate of 16.9 percent.

Already, inflation for the month of January 2024 saw a slight increase from 23.2 to 23.5 percent.

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