In January 2024, the Producer Price Inflation (PPI) edged up to 17.4%, a modest increase from the 16.6% recorded in December 2023. This signifies a year-on-year rise of 0.8 percentage points compared to the previous month.
The month-on-month change in PPI between December 2023 and January 2024 stood at 1.7%.
PPI reflects the average prices of goods and services received by domestic producers for their production activities.
Data from the Ghana Statistical Service indicates that sectors like electricity and gas, construction, mining and quarrying, and accommodation and food services recorded rates surpassing the national average.
Conversely, manufacturing activity reported the lowest rate at 9.7% in January 2024.
Meanwhile, the services sector experienced a slight dip of 0.7%, registering a rate of 16.9% in January 2024.
Additionally, inflation for January 2024 ticked up marginally from 23.2% to 23.5%.