Producer inflation falls marginally to 52.1% in January 2023
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The Producer Price Inflation (PPI) for January 2023 fell marginally to 52.1%, from 52.2% recorded in December 2022.
According to data from the Ghana Statistical Service, the Mining and Quarrying (68.2%), Transport and Storage (62.6%) and Manufacturing (53.3%) recorded rates above the national average, while Information and Communication Activity recorded the lowest rate of 1.2% in January 2023.
However, the month-on-month change in the PPI between December 2022 and January 2023 was 0.9%.
Mining and Quarrying
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The PPI in the Mining and Quarrying sub-sector decreased by 5.3 percentage points over the December 2022 rate of 73.4% to 68.2% in January 2023.
In January 2023, the extraction of crude and natural gas recorded inflation of 59.6%, indicating a decrease of 23.3 percentage points over the November 2022 rate of 82.9%. Mining of metal ores increased to 4.7% in January 2023, from 67.1% in December 2022. Mining support service activities also recorded the least inflation rate of 44.9 percent
Manufacturing
For the Manufacturing sub-sector, the PPI decreased by 11.0 percentage points to 53.3% in January 2023.
10 of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 53.3%.
The manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 166.8%, followed by the manufacture of pharmaceuticals, medicinal chemicals, and botanical products at 123.7%. The manufacture of wearing apparel recorded the least inflation of 0.5%.
Water Supply, Sewerage, and Waste Management
The water collection, treatment, and supply inflation remained unchanged (25.1%) in January 2023. Waste collection, treatment, and disposal activities; material recovery recorded an inflation rate of 25.7%, indicating an increase of 3.8 percentage points.
In actual fact, it recorded the lowest year-on-year producer inflation rate.
By:myjoyonline.com
