Producer inflation climbs to 16.8% over last 12 months, 4.1% in month of April

The average change in the selling prices of goods and services as received by domestic producers has risen by 16.8% over the last 12 months and by 4.1% in the month of April alone according to latest data from the Ghana Statistical Service.

The 16.8% year-on-year inflation rate at ex-factory prices for April 2024 was higher 1.5% increase in the 15.3% year-on-year rate recorded for March 2024 and highest since the rate began slowing down at the start of the year.

On a month basis, the 4.1% April 2024 producer inflation was the highest monthly producer inflation since February 2023 and only second to the 3.2% monthly producer inflation recorded in March 2024.

On a sectorial basis, while the year-on-year producer inflation in the construction sector slowed from 56.5% to 50.0%, the producer inflations for both the services and industry sector, saw a spike from 7.6% to 9.4% and 18.8% to 20.2% respectively.

The Mining and Quarrying (26.4), Electricity and gas (23.8) & Accommodation and food service activities (23.5) sub-sectors all recorded Producer Inflation higher than the 16.8% average.

Manufacture of beverages (38.2), Manufacture of wearing apparel (37.7), Manufacture of furniture (24.0), Manufacture of basic metals (19.0) and Manufacture of paper and paper product (18.0) are groups within the manufacturing sector that recorded producer inflation of more than the national average of 16.8%. Overall producer inflation for the manufacturing sub-sector within the industry sector stood at 7.6%.

In the Services sector, Air transport (27.0), Postal and courier activities (22.9), Programming and broadcasting activities (17.2), Motion picture, video and television production (13.3) and Computer programming and consultancy (11.4) made up the top 5 sub-sectors with the highest producer inflation.

The 4.1% Month-on-month Producer Inflation for April 2024 was driven by a 4.4% producer inflation in the industry sector as the services and construction sectors recorded a monthly producer inflation of 2.2% and 0.4% respectively.

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