Ghana’s Producer Price Inflation (PPI) has shown a slight improvement, declining to 30.4% in September 2024, down from 33.2% in August. This marks a 2.8 percentage point decrease year-on-year, indicating a gradual easing of inflationary pressures within the economy. The month-on-month change between August and September was a modest 0.6%, suggesting a stabilizing trend.
Despite the overall reduction, several sectors continue to face significant inflationary challenges. The industrial sector, excluding construction, recorded a decrease in inflation, dropping to 43.0% from 44.6% the previous month. In contrast, the construction sector saw an increase, with inflation rising to 23.2%. The services sector also experienced a decline, with inflation rates falling to 12.3% from 14.0% in August.
Specific industries reported inflation rates above the national average, notably in mining and quarrying, accommodation and food service activities, and transportation and storage. Conversely, the water supply, sewerage, and waste management sectors recorded the lowest inflation rate at just 4.0%.
While the easing of PPI is a positive sign, the persistent high rates in certain sectors contribute to ongoing concerns about consumer price inflation. Policymakers will need to closely monitor these trends and consider implementing targeted measures to address the inflationary pressures affecting the economy.
