The Year-on-Year Producer Price Inflation (PPI) of Ghana has been on an upward trajectory for the fifth consecutive time surging to 29.1% in July 2024, according to the latest PPI data published by the Ghana Statistical Service (GSS) has revealed.
This means that between July 2023 and July 2024, the selling prices of goods and services received by domestic producers increased at a rate of 29.1%. The rate of ex-factory prices has been on a consecutive increase since March 2024 after recording a significant dip in February 2024.
Dropping to 11.9% in February, the rate has been on the increase recording, 15.1%, 16.6%, 23.4%, 25.6%, and 29.1% in March, April, May, June, and July respectively.
This indicates that the prices producers are receiving for their goods and services have been increasing in these months compared to the same period last year.
Announcing the new data on Wednesday, Government Statistician, Prof. Samuel Kobina Anim further revealed that on a month-on-month basis, PPI recorded an increase of 3.7% in July 2024 from a relatively lower rate of 2.5% in June 2024.
This indicates that between June and July 2024, ex-factory prices of producers increased at a rate of 3.7%. Experts explain that the continuous increase signifies that producers are facing higher production costs which could reflect in higher prices for the final consumer.
