The Producer Price Index (PPI) rate for July 2024 was 29.1%, a 3.5 percentage point increase over that of June 2024.
The month-on-month change in the PPI between June 2024 and July 2024 was 3.7%.
The producer price inflation in the industry sector excluding the construction sector increased from 32.3% in June 2024 to 37.9% in July 2024.
The rate in the construction sector also increased to 30.5% in July 2024.
In the Services sector, the rate similarly went up to 12.6% in July 2024, from 12.1% in June 2024.
The Mining and Quarrying (48.8%), and Construction (30.5%) recorded inflation rates above the national average (29.1%), while Water Supply, Sewerage and Waste Management activity recorded the lowest rate of 2.6% in July 2024.
Industrial Producer Inflation
The Industrial producer price inflation in the Mining and Quarrying sub-sector increased to 48.8% in July 2024 compared to 45.6% in June 2024.
The manufacturing subsector increased by 5.5 percentage points to 17.9% in July 2024.
The electricity and gas subsector recorded an inflation rate of 11.8% in July 2024, an increase of 1.3 percentage points over the June rate of (10.5%).
The Water Supply, Sewerage, and Waste Management sub-sector recorded an inflation rate of 2.6%.
Manufacturing Sub-Sector
In July 2024, eight of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the Sector’s average of 17.9%.
The manufacture of beverages recorded the highest inflation rate of 44.0%, followed by the manufacture of motor vehicles, trailers, and semitrailers at 38.2%.
Services Producer Inflation
The Service producer price inflation in the Transport and Storage sub-sector increased by 2.7 percentage points from 24.1% in June 2024 to 26.8% in July 2024.
The Accommodation and Food Services sub-sector rate increased by 0.5 percentage points from 27.8% in June 2024 to 28.3% in July 2024.
The Information and Communication sub-sector recorded an inflation rate of 9.3% for July 2024.
Construction Producer Inflation
The inflation in the construction of buildings subsector increased by 2.2 percentage points from 15.6% in June 2024 to 17.8% in July 2024.
The rate for the Civil engineering subsector increased by 0.2 percentage points from 36.7% in June 2024 to 36.9% in July 2024.
The Specialized construction activities subsector recorded an inflation of 14.7% in July 2024 compared with a June 2024 rate of 5.8%.
Source: Joy Business
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