The Producer Price Inflation (PPI) rate for January 2024 in Ghana was 17.4%, marking a slight increase from the 16.6% recorded in December 2023. This trend is consistent with the Consumer Price Index, which also experienced a marginal uptick in January 2024. According to the Ghana Statistical Service, the month-on-month change in the PPI between December 2023 and January 2024 was 1.7%.
When broken down by sector, the producer price inflation in the industry less construction sector increased to 17.2% in January 2024 from 16.2% in December 2023. Conversely, the rate in the construction sector decreased to 40.2% in January 2024 from 46.0% in December 2023. In the Services sector, the rate decreased from 17.6 percent in December 2023 to 16.9 percent in January 2024.
These figures provide valuable insights into the state of Ghana’s economy, particularly in the areas of production and industry. It is crucial for policymakers, businesses, and consumers to pay attention to these trends as they can have a significant impact on pricing, investment decisions, and overall economic stability. Further analysis and observation of these trends will be necessary to fully understand the implications and make informed decisions moving forward.
