Producer Price inflation rate hits 65.2%

The Producer Price Inflation (PPI) rate for Oc­tober provision­ally rose to 65.2 per cent from 45.9 per cent in September.

This represents a monthly change rate of 15.5 per cent.

A statement issued by the GSS on the rebased PPI in Accra yesterday and copied to the Ghanaian Times, said the increase in the PPI was influenced by the mining and quarrying; manu­facturing, transport and storage sectors.

“The mining and quarrying sector recorded producer price inflation rate of 86.4 per cent, while the manufacturing sector recorded 73.1 per cent, trans­port and storage recorded 71.4 per cent, while information and communication activity recorded the lowest rate of 1.5 per cent in October 2022,” the statement said.

It said the mining and quarry­ing sub-sector recorded the high­est monthly inflation rate of 23.5 per cent, followed by manufac­turing with 12.5 per cent with the water supply, sewerage, and waste management sub-sector recording the least inflation of 2.0 per cent.

The statement said the services, transport and storage sub-sector recorded the highest year-on-year producer price infla­tion rate of 71.4 per cent, followed by the accommodation and food sub-sector with 42.1 per cent.

It stated that the information and communication subsector recorded the lowest year-on-year producer inflation rate of 1.4 percent with the transport and storage sub-sector recorded the highest monthly rate of 35.3 per cent followed by the accommoda­tion and food sub-sector with 13.2 per cent.

The statement said the in­formation and communication sub-sector recorded the lowest monthly inflation of 0.5 per cent.

On the construction sector, it said the construction of buildings industry recorded the highest year-on-year producer price inflation rate of 77.8 per cent, followed by the specialised construction indus­try sub-sector with 6.0 per cent.

The civil engineering sub-sec­tor recorded the lowest year-on-year producer inflation rate of 5.4 per cent.

Also, the statement said the construction of building sub-sec­tor recorded the highest monthly inflation rate of 11.8 per cent, followed by civil engineering with 0.7 percent with the specialised construction recorded the lowest inflation rate of 0.6 per cent.

It indicated that the water supply, sewerage, and waste management sub-sector recorded the lowest year-on-year producer inflation rate of 15.7 per cent.

The producer price index was rebased in September 2022, and featured an expanded basket of products such as petroleum,

construction and services sector to better reflect the current econo­my and now covered eight areas instead of the previous three, namely mining, manufacturing, electricity and gas, water supply, sewerage and waste management, construction, transportation and storage, accommodation and food service activities, and information and communication.

“The GSS will expand the basket to include the agriculture sector and produce PPI across the 16 regions going into the IBES data collection in 2023,” a brief on PPI Methodological Guide said.