The country’s year-on-year producer price inflation for June this year provisionally rose to 25.9 per cent from the 23.4 per cent recorded in May, the Ghana Statistical Service (GSS) has announced.
This represents an increase of 2.5 per cent points relative to the 23.4 per cent recorded in May and a month-on-month change of 2.7 per cent.
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers to produce their goods and services. The PPI for Ghana reports the producer price indices with an index reference period of March 2020 – February 2021 and equals to 100.
Data provided by the GSS said the PPI figure for June 2024 was provisional and was subject to revision when additional data becomes available and all the other indicators were final.
The GSS said the producer price inflation in the industry sector excluding the construction sector increased to 29.4 per cent in June 2024 from 28.5 per cent in May 2024.
It said the PPI for rate for June rose to 33.3 per cent, from 29.2 in May, construction rose to 29.4 per cent in June from 28.5 per cent in May and services rose to 12.2 per cent in June from 11.4 per cent in May.
The rate in the construction sector increased to 29.4 per cent in June 2024. In the Services sector, the rate increased from 11.4 per cent in May 2024 to 12.2 percent in June 2024.
“The mining and quarrying (45.5 per cent), construction (29.4 per cent), and accommodation and food services activities (28.0 per cent) recorded inflation rates above the national average (25.9 per cent), while water supply, sewerage and waste management activity recorded the lowest rate of 2.6 per cent in June 2024,” the GSS said.
It said the industrial producer price inflation in the mining and quarrying sub-sector increased by 4.8 percentage points over the May 2024 rate of 40.7 per cent to 45.5 per cent in June 2024.
The GSS said the manufacturing sub-sector increased by 3.4 percentage points to 13.2 per cent in June 2024 and electricity and gas recorded a 11.4 per cent inflation rate for June 2024, a decrease of 14.0 percentage points over the May rate of (25.4 per cent).
It said the Water Supply, Sewerage, and Waste Management sub-sector recorded an inflation rate of 2.6 per cent.
“The service producer price inflation in the transport and storage sub-sector increased by 3.4 percentage points over the May 2024 rate of 20.7 percent to 24.1 per cent in June 2024. The accommodation and food services sub-sector rate increased by 1.9 percentage points to 28 per cent in June 2024. The information and communication sub-sector recorded an inflation rate of 9.2 per cent for June 2024,” GSS said.
BY KINGSLEY ASARE
