Producer Price inflation rate for October hits 65.2%

The Ghana Statistical Service has revealed that the Producer Price Inflation rate for October 2022 was 65.2 percent.

This means that between October 2021 and October 2022 (year-on-year), the PPI increased by 65.1 percent, representing a 19.3 percentage points increase in producer inflation relative to the rate recorded in September 2022 (45.9%).

The month-on-month change in the PPI between September and October 2022 was 15.4 percent

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 services.

A release by the GSS noted that: "The producer price inflation in the Industry less construction sector increased to 75.6 percent in October 2022 from 54.5 percent in September 2022."

It also added that the rate in the construction sector declined from 25.1percent in September 2022 to 23.0 percent in October 2022. In the Services sector, the rate increased from 5.6 percent in September 2022 to 10.0 percent in October 2022.

"This release shows the annual (year-on-year) and monthly producer inflation rates for all sectors Mining and Quarrying; Manufacturing; Electricity and Gas; Water Supply, Sewerage, and Waste Management; Construction; Transport and Storage; Food & Accommodation; Information & Communication," the GSS added.

Mining and quarrying (86.4%), manufacturing (73.1%), transport and storage (71.4%) recorded the highest rates, while Information and communication activity recorded the lowest rate of 1.4 percent in October 2022.

Meanwhile, consumer inflation currently stands at 40.4% as of October 2022.

The PPI figure for October 2022 is provisional and is subject to revision when
additional data become available. All other indicators are final.

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