Economy

Producer Price Inflation increased to 16.8% in April 2024

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The Ghana Statistical Service has reported that the year-on-year inflation rate at ex-factory prices for all goods and services stood at 16.8% in April 2024.

This marks a notable increase from the 15.3% recorded in March 2024.

The month-on-month Producer Price Inflation (PPI) for ex-factory prices stood at 4.1% in April 2024, indicating a rise from the 3.2% recorded in March 2024.

The producer price inflation in the industry sector, excluding the construction sector, rose to 20.2% in April 2024, up from 18.8% in March 2024.

The rate in the construction sector decreased to 50.0% in April 2024, indicating a decline from previous figures.

In the Services sector, the rate increased from 7.6% in March 2024 to 9.4% in April 2024, signifying a notable uptick within that timeframe.

In April 2024, the Construction sector (50.0%), Mining and Quarrying sector (26.4%), Electricity and Gas sector (23.8%), and Accommodation and Food Services Activities sector (23.5%) all recorded inflation rates above the national average of 16.8%. Conversely, the Water Supply, Sewerage, and Waste Management activity recorded the lowest rate of 7.5% during the same period.

Industry

In April 2024, within the Manufacturing Sub-Sector, 10 out of the 23 major groups recorded inflation rates higher than the sector average of 7.6%.

The Manufacture of beverages recorded the highest inflation rate of 38.2%, followed by the Manufacture of wearing apparel at 37.7% in April 2024.

Services

In April 2024, the Service producer price inflation in the Transport and Storage sub-sector rose by 3.0 percentage points from March 2024, reaching 15.1%.

The inflation rate for the Accommodation and Food Services sub-sector rose by 2.6 percentage points to reach 23.5% in April 2024.

 The Information and Communication sub-sector recorded an inflation rate of 7.7% in April 2024.

Construction

The inflation in the construction of buildings subsector rose by 0.1 percentage points from the March 2024 rate of 8.0% to reach 9.0% in April 2024.

In April 2024, the inflation rate for the civil engineering sub-sector decreased by 11.9 percentage points to 74.0%. Conversely, the specialized construction activities sub-sector recorded a 5.5% inflation rate for April 2024, slightly lower than the 5.8% recorded in March 2024.

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