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Producer Price inflation records 9.6%

By Laud Nartey
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2 min read
Producer Price inflation records 9.6%

The Ghana Statistical Service (GSS) has announced that the Producer Price Index (PPI) for October 2023 fell to 9.6%, representing a 15.5 percentage point decrease relative to the rate recorded in September 2023 (25.1%).

The month-on-month however change in the PPI between September 2023 and October 2023 was 1.1%. The producer price inflation in the industry sector decreased to 9.0% in October 2023 from 26.4% in September 2023.

The rate in the construction sector decreased to 44.0% in October 2023 from 48.9% in September 2023.

In the Services sector, the rate decreased from 16.1% in September 2023 to 11.7% in October 2023.

The Construction (44.0%), Electricity and Gas (39.6%), Water Supply, Sewerage, and Waste Management (25.8%), Information and Communication (12.7%), Accommodation and Food services (11.1%), and Mining and Quarrying (10.4%), recorded rates above the national average, while Manufacturing activity recorded the lowest rate of 3.2% in October 2023.

Manufacturing Sub-Sector

In October 2023, 18 of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.2%.

The Manufacture of textiles recorded the highest inflation rate of 68.3%, followed by the Manufacture of pharmaceuticals, medicinal chemicals, and botanical products at 64.2%.

Mining and Quarrying Sub-Sector

In October 2023, the Extraction of crude and natural gas recorded inflation of 0.9%, indicating a decrease of 29.4 percentage points over the September 2023 rate of 30.3%.

Mining of metal ores also decreased to 14.8% in October 2023 from 34.0% in September 2023. Mining support service activities also recorded an inflation rate of 60.5%.

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Laud Nartey is an online editor with current affair team at Media General, operators of TV3 Ghana, 3News.com and more. Email: Laud.Nartey@editors.3news.com

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