Producer Price Index increases from 29.1% in July to 33.2% in August – GSS

The Ghana Statistical Service (GSS) has announced an increase in the nation’s economic performance, with the Producer Price Index (PPI) for August 2024 reaching 33.2 percent.

This figure reflects a notable 4.1 percentage point increase from the 29.1 percent recorded in July 2024, illustrating a sharp acceleration in producer inflation over the past year.

The monthly change from July to August 2024 shows a 2.7 percent increase in the PPI, underscoring the rapid escalation of inflationary pressures.

In the industrial sector, excluding construction, the PPI surged from 37.9 percent in July to 44.2 percent in August, highlighting a substantial rise in production costs.

Conversely, the construction sector experienced a decline, with its rate falling to 27.7 percent.

The Services sector also saw an uptick, with inflation climbing from 12.6 percent in July to 14.0 percent in August 2024.

This widespread increase across sectors points to mounting economic challenges, as businesses and consumers alike face the impact of rising production costs.