The Producer Price Inflation (PPI) rate for October 2022 inched up to 65.2%, a 19.3 percentage points increase relative to the rate recorded in September 2022 (45.9%).

According to the Ghana Statistical Service, the month-on-month change in the PPI between September and October 2022 was 15.4%.

Excluding the construction sector, the PPI increased to 75.6% in October 2022, from 54.5% in September 2022. This is because the rate in the construction sector declined from 25.1% in September 2022 to 23.0% in October 2022.

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The main drivers of inflation in October 2022 were Mining and quarrying (86.4%), manufacturing (73.1%), as well as transport and storage (71.4%) as they recorded the highest rates. Information and Communication activity recorded the lowest rate of 1.4% in October 2022.

Services Producer Price Index

In the Services sector, the overall rate increased from 5.6% in September 2022 to 10.0% in October 2022.

Within the services sub-sectors, the Service Producer Price Inflation in the Transport and Storage sub-sector increased by 44.1 percentage points to 71.4% in October 2022, up from a rate of 27.3% recorded in September 2022.

The Accommodation and food sub-sector rate increased by 17.2% percentage points to 42.1% in October 2022.

Additionally, the Information and Communication sub-sector recorded a 1.4% inflation rate for October 2022 as compared to 0.9% in September 2022.

Industrial Producer Price Index

The Industrial Producer Price Inflation in the Mining and Quarrying sub-sector increased by 29.0 percentage points over the September 2022 rate of 57.5% to 86.4% in October 2022.

The Manufacturing sub-sector increased by 14.9 percentage points to 73.1% in October 2022.

Electricity and gas recorded a 33.7 percent inflation rate for October 2022, an increase of 10.0% over the August rate of (23.7%).

The water supply, Sewerage, and Waste Management sub-sector recorded an inflation rate of 15.7%.

The Industrial Producer Price Index (I-PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.