Producer Price Inflation hits 29.1 %

The year-on-year Producer Price Inflation edged up to 29.1 per cent in July 2024 from 25.6 per cent in June, data released by the Ghana Statistical Service (GSS), has revealed.

The month-to-month rose to 3.7 per cent in July from 2.5 percent in June.

A statement issued by the GSS on the July 2024 Producer Price Index and Inflation, and copied to the Ghanaian Times in Accra on Wednesday, said the July 2024 producer price inflation was driven by industry.

The producer price for industry inched up to 37.9 in July from 32.3 per cent in June.

The GSS added that the construction sector in July saw a slight jump in the producer price inflation to 30.5 per cent from 29.4 per cent in June.

It noted that the services sector recorded a marginal rise in producer price inflation from 12.1 per cent in June 2024 to 12.6 per cent in July 2024.

The GSS said mining and quarrying recorded producer price inflation of 48.8 per cent, manufacturing 17.9 per cent and electricity, and gas 11.8 per cent.

Moreover, the GSS stated that warehousing and support activities with producer price inflation rate of 30.8 per cent, accommodation 29.3 per cent, and food and beverage service activities of 22.8 per cent drove the service PPI in July this year.

It said, information services activities 0.0 per cent, postal and courier 0.9 per cent, motion picture, video and TV production 1.4 per cent, water transport 3.2 per cent and air transport 4.5 per recorded producer price inflation below the national average

BY KINGSLEY ASARE