Ghana’s Producer Price Index (PPI) rate has seen a significant surge, reaching 29.1% in July 2024, a 3.5 percentage point increase from the previous month. This marks the highest rate in recent months, sparking concerns among businesses and economists.
The month-on-month change in PPI between June and July was 3.7%, indicating a steady rise in producer prices. The industry sector, excluding construction, saw a notable increase from 32.3% to 37.9% during the same period.
The construction sector also experienced a significant jump to 30.5% in July, while the services sector recorded a modest increase to 12.6%. The mining and quarrying sector topped the chart with a whopping 48.8% inflation rate, followed closely by construction at 30.5%.
In contrast, the water supply, sewerage, and waste management sector recorded the lowest rate of 2.6% in July. The rising producer price inflation has raised concerns about the potential impact on consumer prices and the overall economy.
As the government grapples with the rising inflation, businesses and consumers await measures to mitigate the effects of the increasing costs.
Ruth Abla ADJORLOLO
