The latest data from the Ghana Statistical Service (GSS) reveals a significant decline in producer price inflation (PPI).
The PPI rate for November 2024 stood at 26.9%, marking a 6.1 percentage point decrease from the rate recorded in October 2024.
This decline reflects a slowdown in the rate at which prices are increasing at the production level. The month-on-month change in the PPI between October and November 2024 was -1.9%, further underscoring the reduction in producer inflation.
The industrial sector, excluding construction, experienced a notable decline in producer inflation, dropping from 48.9% in October 2024 to 41.3% in November 2024.
Similarly, the construction sector recorded a decrease in producer inflation, from 34.5% in October to 31.1% in November 2024. Despite these reductions, inflation rates in the construction sector remained above the national average of 26.9%.
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The services sector reported a producer inflation rate of 12.5% in November 2024. Mining and quarrying recorded a rate of 41.9%, while accommodation and food service activities stood at 32.5%.
Transportation and storage recorded a producer inflation rate of 31.7%. In contrast, water supply, sewerage, and waste management activities registered the lowest rate at 5.0% in November 2024.
