Monday, 26 February

Producer Price Inflation falls to 9.6%

Business
Inflation chart

The Producer Price Index (PPI) for October 2023 in Ghana has shown a decline to 9.6%, marking a notable decrease of 15.5 percentage points from the previous month's rate of 25.1%. 

The month-on-month change between September 2023 and October 2023 was 1.1%. 

The data from the Ghana Statistical Service indicates that producer price inflation in the industry, excluding construction, dropped to 9.0% in October 2023 from 26.4% in September 2023. 

The construction sector experienced a decrease to 44.0%, down from 48.9% in the previous month. 

Additionally, the Services sector saw a decline from 16.1% in September 2023 to 11.7% in October 2023. 

Various sub-sectors, such as Construction, Electricity and Gas, Water Supply, and Mining, recorded rates above the national average, while Manufacturing had the lowest rate at 3.2% in October 2023. 

Within the Manufacturing sub-sector, specific groups like Textiles and Pharmaceuticals showed higher inflation rates, with 68.3% and 64.2%, respectively.

The Mining and Quarrying sub-sector witnessed a decrease in the inflation rate for the Extraction of crude and natural gas, from 30.3% in September 2023 to 0.9% in October 2023. 

Mining of metal ores also experienced a decline from 34.0% to 14.8%. Mining support service activities recorded an inflation rate of 60.5%

Source: classfmonline.com