Producer Price Inflation hits 23.6%

In May 2024, Ghana's year-on-year ex-factory inflation rate for all goods and services surged to 23.6%, up from 16.8% in April 2024.

The month-on-month producer inflation rate was 3.0%. The Ghana Statistical Service reported significant increases in various sectors: industry sector inflation rose to 29.2% from 20.2%, construction sector inflation jumped to 54.7%, and the services sector rate increased from 9.4% to 11.4%.

Sectors exceeding the national average inflation rate (25.3%) included Construction (54.7%), Mining and Quarrying (40.6%), Accommodation and Food Services (25.9%), and Electricity and Gas (25.4%).

The lowest inflation rate was in Water Supply, Sewerage, and Waste Management at 7.4%.