In May 2024, the year-on-year inflation rate for all goods and services at ex-factory prices reached 23.6%, marking a notable increase from April 2024's 16.8%.

The month-on-month producer inflation rate was recorded at 3.0%.

According to the Ghana Statistical Service, producer price inflation in the industry sector excluding construction rose to 29.2% in May 2024, up from 20.2% in April 2024.

In the construction sector, inflation surged to 54.7% during the same period.

In the Services sector, inflation also saw an uptick from 9.4% in April 2024 to 11.4% in May 2024.

Sector-specific inflation rates above the national average (25.3%) were observed in Construction (54.7%), Mining and Quarrying (40.6%), Accommodation and Food Services Activities (25.9%), and Electricity and Gas (25.4%).

Conversely, Water Supply, Sewerage, and Waste Management activities reported the lowest inflation rate at 7.4% in May 2024.