Ghana's Producer Price Inflation Jumps to 33% in October

Nov 21, 2024 - 12:14

Accra, Ghana - Nov 21, 2024 - Ghana's Producer Price Inflation (PPI) rate took a significant leap in October, reaching 33.0% - a 2.5 percentage point increase from September's 30.5% according to latest data from the Ghana Statistical Service (GSS).

This surge translates to a 3.0% month-on-month inflation rate between September and October.

Sector Breakdown:

- Industrial Sector: Excluding construction, PPI jumped from 43.3% in September to 48.8% in October
- Construction Sector: Inflation rose to 31.5% in October, up from 23.2% in September
- Mining and Quarrying Sector: Recorded the highest inflation rate at 54.3%
- Water Supply, Sewerage, and Waste Management Sector: Had the lowest inflation rate at 4.1%, still above the national average

The Producer Price Index measures the average change in selling prices of goods and services received by domestic producers.

These numbers indicate a pressing need for economic adjustment to stabilize producer prices and curb inflation.

Source: Lead News Online