The year-on-year inflation rate at ex-factory prices for all goods and services was 23.6% in May 2024.

This was far 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 increased to 29.2% in May 2024 from 20.2% in April 2024.

The rate in the construction sector also increased to 54.7% in May 2024.

In the Services sector, the rate again increased from 9.4% in April 2024 to 11.4% in May 2024.

The 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 (25.3%).

On the other hand, the Water Supply, Sewerage and Waste Management activity recorded the lowest rate of 7.4% in May 2024.