Producer Price Inflation reaches 45.6% in September 2022

The Ghana Statistical Service (GSS) has announced that the year-on-year producer price inflation for all industries was 45.6 percent in September 2022. The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and service. According to the Service, wholesale prices increased by some 5.9 percent in September 2022 from August 2022 after a rebasing exercise was conducted. Government Statistician, Professor Samuel Kobina Annim speaking at press briefing in Accra on October 19 said the industry sector increased to 54.5 percent in September 2022 from an earlier 48.6 percent recorded in August 2022. However, the construction sector experienced a marginal decline from 26.2 percent in August 2022, to 25.1 percent in September 2022 while the Services sector, recorded a rate of 5.7 percent in August 2022 compared to 5.6 percent in September 2022. For sectors which recorded the highest PPI rates, Mining and Quarrying (57.5%) and Manufacturing (58.2%) while Information and Communication activities recorded the lowest rate of 0.9 percent in September. Touching further on factors that culminated in the rebasing of the PPI, Prof. Annim said the new reference year was now 2019. “The selection of items in the basket is based on information collected during the initiation survey in 2019 involving 835 randomly selected establishments from the 2013 Integrated Business Establishment Survey database," he noted. The shares have been updated using the 2019 Gross Value of Output (GVO) from the National Account estimates,” the GSS boss added. MA/FNOQ Watch the latest episode of BizTech below: