In May 2024, the year-on-year inflation rate at ex-factory prices for all goods and services stood at 23.6%, significantly higher than the 16.8% recorded in April 2024.
The month-on-month producer inflation rate was 3.0%.
According to the Ghana Statistical Service, the producer price inflation in the industry sector excluding the construction sector surged to 29.2% in May 2024 from 20.2% in April 2024. Similarly, the rate in the construction sector rose to 54.7% in May 2024.
In the Services sector, the rate also increased from 9.4% in April 2024 to 11.4% in May 2024.
Certain sectors such as Construction (54.7%), Mining and Quarrying (40.6%), Accommodation and Food Services Activities (25.9%), and Electricity and Gas (25.4%) recorded inflation rates above the national average of 25.3%.
Conversely, the Water Supply, Sewerage, and Waste Management activity had the lowest rate of 7.4% in May 2024.