Recent data from the Ghana Statistical Service (GSS), indicates that the Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3%, recorded in April.
This figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%).
The month-on-month change in the PPI between April 2023 and May 2023 was -2.7 percent. Per the data from the GSS, the producer price inflation in the industry less construction sector decreased to 32.5 percent in May 2023 from 37.1 percent in April 2023.
The rate in the construction sector decreased to 20.0 percent in May 2023 from 20.8 percent in April 2023. In the Services sector, the rate decreased from 19.4 percent in April 2023 to 18.1 percent in May 2023.
The electricity and gas, accommodation and food service activities, transportation and storage, mining and quarrying, and water supply, sewerage, and waste management recorded rates above the national average, while information and communication activity recorded the lowest rate of 11.2 percent in May 2023.
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers to produce their goods and services.
The PPI for Ghana reports the producer price indices with an index reference period of March 2020 – February 2021.
May 2023 Industrial Producer Inflation
The I-PPI inflation rate for May 2023 was 32.5 percent. This rate represents a 4.6 percentage point decrease in Industrial producer inflation relative to the rate recorded in April 2023 (37.1%).
The month-on-month change in the I-PPI between April 2023 and May 2023 was -3.0 percent.
The Industrial producer price inflation in the Mining and Quarrying sub-sector decreased by 8.6 percentage points over the April 2023 rate of 45.1 percent to 36.5 percent in May 2023.
The Manufacturing sub-sector decreased by 0.8 percentage points to 25.5 percent in May 2023.
Electricity and gas recorded a 51.8 percent inflation rate for May 2023, a decrease of 0.2 percentage points over the April rate of (52.0%).
The water supply, sewerage, and waste management sub-sector recorded an inflation rate of 31.7 percent.
The year-on-year producer inflation for the industry sector, less construction was 32.5 percent in May 2023; the monthly change rate was -3.0 percent.
The Electricity and gas sub-sector recorded the highest year-on-year producer price inflation rate of 51.8 percent, followed by the Mining and quarrying sub-sector with 36.5 percent.
The manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 25.5 percent.
The manufacturing sub-sector recorded the highest monthly inflation rate of 0.8 percent, followed by the Water supply, sewerage, and waste management, with no change in monthly inflation in May 2023.
The mining and quarrying sub-sector recorded the lowest monthly inflation of -6.3 percent in May 2023.