The Ghana Statistical Service (GSS) has stated that the Service Producer Price Inflation(S-PPI) rate for July 2024 is 14.0 percent. This rate indicates that between August 2023 and August 2024 (year-on-year), the S-PPI increased by 14.0 percent.
This rate represents a 1.4 percentage point increase in Service Producer Price inflation relative to the rate recorded in July 2024 (12.6%). The month-on-month change in the S-PPI between July 2024 and August 2024 is 1.3 percent.
According to GSS, the Service producer price inflation in the Transport and Storage sub-sector increased by 2.2 percentage points from 26.8 percent in July 2024 to 29.0 percent in August 2024.
The accommodation and Food Services sub-sector rate increased by 2.6 percentage points from 28.3 percent in July 2024 to 30.9 percent in August 2024.
The Information and Communication sub-sector recorded an inflation rate of 10.5 percent for August 2024.
Transport and Storage sector
The GSS noted that the Producer inflation in the land transport sub-sector recorded an inflation rate of 14.2 percent in August 2024.
Inflation in the air transport sub-sector decreased by 4.7 percentage points from -0.2 percent in August 2024.
The postal and courier activities recorded an inflation (0.7%) in August 2024.
Accommodation and Food Sector
It stated that the producer inflation in accommodation activities recorded an inflation rate of 31.1 percent in August 2024.
Food and beverage service activities recorded a rate of 29.9 percent in August 2024 compared to 22.8 percent in July 2024.
Information and Communication Sector
GSS again noted that Programming and broadcasting activities (30.5%) had the highest inflation in August 2024, followed by Publishing activities recorded at the rate of (10.5%).
It noted that information service activities recorded no inflation (0.0%) in the month of August 2024.
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Highlights
The year-on-year service producer price inflation was 14.0 percent in August 2024; the monthly change rate was 1.3 percent.
The Accommodation and food service sub-sector recorded the highest year-on-year producer price inflation rate of 30.9 percent, followed by the Transport and Storage sub-sector with 29.0 percent.
The Information and Communication sub-sector recorded the lowest year-on-year producer inflation rate of 10.5 percent.
The Accommodation and Food Service sub-sector recorded the highest month-on-month inflation rate of 2.1 percent, followed by the Transport and Storage sub-sector with 1.9 percent.
Information and Communication sub-sectors recorded the least inflation of 1.1 percent in August 2024.
About (S-PPI)
The Service Producer Price Index (S-PPI) measures the average change over time in the prices received by domestic producers within the service sub-sectors to produce their goods and services.
The S-PPI for Ghana reports price indices with an index reference period of March 2020 – February 2021 = 100.
The S-PPI figure for August 2024 is provisional and is subject to revision when additional data becomes available. All other indicators are final.
Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori
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