The Service Producer Price Inflation (SPPI) rate for September 2022 was 5.6 percent, indicating the year-on-year change in PPI between September 2021 and September 2022.
This rate represents a 0.1 percentage point decrease in Service Producer Price inflation relative to the rate of 5.7% recorded in August 2022. The month-on-month change in the SPPI between August 2022 and September 2022 was 1.0 percent.
According to data from the Ghana Statistical Service (GSS), service producer price inflation in the Transport and Storage sub-sector increased by 1.5 percentage points to 27.3 percent in September 2022, up from 25.7 percent recorded in August.
The rate for the Accommodation and food sub-sector increased by 4.5 percentage points to 24.9 percent in September 2022. The Information and communication sub-sector however, recorded a 0.9 percent inflation rate for September 2022 as compared to 1.5 percent in August 2022.
Transport and Storage sector
Producer inflation in the transport recorded mixed results in September. Producer inflation in the air transport sub-sector increased by 22.8 percentage points from 12.7 percent in August 2022 to 35.5 percent in September 2022.
Likewise, the inflation for land transport sub-sector increased by 0.3 percentage points to 33.9 percent in September 2022. The rate for water transport however, remained unchanged (48.8%) in September 2022. Warehousing and support activities also recorded inflation of 26.4% while postal and courier activities recorded 14.4 percent.
The producer inflation in the accommodation and food activities increased by 5.1 percentage points to 25.7 percent in September 2022. Food and beverage service activities recorded inflation of 20.4 percent in September 2022 compared to 19.0 percent in August 2022.
Motion picture, video and television program production and sound recording (13.9%) had the highest inflation in September 2022 within the ITC sector. Computer programming, consultancy and related activities recorded the lowest rate of -1.4 percent.
Industrial Producer Price Index
Meanwhile, the Industrial Producer Price Index (I-PPI) for September 2022 was 54.5 percent. The rate represents a 5.6 percentage points increase in Industrial producer inflation relative to the rate recorded in August 2022 (48.0%). The month-on-month change in the I-PPI between August and September 2022 was 5.9 percent.
The Industrial producer price inflation in the Mining and Quarrying sub-sector increased by 2.4 percentage points over the August 2022 rate of 55.1 percent to 57.5 percent in September 2022. The producer inflation for the Manufacturing sub-sector increased by 7.8 percentage points to 58.2 percent in September 2022.
The Electricity and gas recorded a 24.0 percent inflation rate for September 2022, indicating an increase of 8.6 percent over the August rate of 7.8%. Water supply, Sewerage and Waste Management sub-sector recorded inflation of 13.6 percent.
In September 2022, Extraction of Crude and natural gas recorded the highest inflation of 79.2 percent, indicating a decline of 9.7 percentage points over August 2022 rate of 88.9 percent. Mining support service activities recorded the least inflation rate of 23.9 percent.
Three out of the twenty-three major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 58.2 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 148.3 percent, followed by Manufacture of computer, electronic and optical products with 69.8 percent.
Water collection, treatment and supply industries recorded the highest inflation of 19.7 percent in September 2022 while waste collection, treatment and disposal activities; material recovery recorded 6.8 percent.
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.
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