The Producer Price Inflation (PPI) rate for November 2022 was 78.1 percent, representing a 12.9 percentage points increase in producer inflation relative to the rate recorded in October 2022 (65.2%).
The Producer Price Index measures the average change over time in the prices received by domestic producers for the production of their goods and services. Therefore, the current rate is an indication of the extent to which producer prices increased between November 2021 and November 2022 (year-on-year).
In nominal terms, the PPI rose from 185.4 in October to 205.4 in November, 2022. This means that the month-on-month change in the PPI between October and November 2022 was 10.8 percent.
The PPI News Letter for November 2022, released by the Ghana Statistical Service (GSS), showed that within the sectors, the producer price inflation in the Industry excluding the construction sector increased to 94.3 percent in November 2022, up from 75.5 percent in October 2022.
The rate in the construction sector also increased to 26.6 percent in November 2022 from 23.0 percent in October 2022. In the Services sector, the rate increased from 10.0 percent in October 2022 to 12.4 percent in November 2022.
Sectors with the highest rates
Mining and quarrying (115.6%), transport and storage (87.6%), and manufacturing (84.3%) recorded the highest rates, while Information and communication activity recorded the lowest rate of 2.2 percent in November, 2022.
Accommodation and food service activities also experienced a rise in inflation rate from 42.1% in October, 2022 to 52.7% in November. However, the sub-class is among those with the lowest inflation rates in November, 2022.
The inflation rate for the Water supply, sewerage, and waste management sub-class rose from 15.7% in October to 19.2% in November, 2022.
The Ghana Statistical Service (GSS) reports the producer price indices with an index reference period of March 2020 – February 2021 = 100. The new data released by the GSS captured 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. it also captured Construction, Transport and Storage, Food & Accommodation, Information & Communication.
The GSS noted that the PPI figure for November 2022 is provisional and is subject to revision when additional data become available. All other indicators are however, final.
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