Producer Price Inflation for February 2023 was 50.8% – GSS

The Producer Price Index (PPI) rate for February 2023 was 50.8 percent, the Ghana Statistical Service (GSS) has announced on Wednesday, March 22.

This rate indicates that between February 2022 and February 2023 (year-on-year), the PPI increased by 50.8 percent, representing a 1.7 percentage point decrease in producer inflation relative to the rate recorded in January 2023 (52.6%).

The month-on-month change in the PPI between January 2023 and February 2023 was 7.0 percent

The producer price inflation in the Industry less construction sector decreased to 57.9 percent in February 2023 from 58.8 percent in January 2023.

The rate in the construction sector increased to 21.1 percent in February 2023 from 20.4 percent in January 2023.

In the Services sector, the rate increased from 10.6 percent in January 2023 to 13.4 percent in February 2023.

The Transportation and storage (67.6%), Accommodation and food service activities
(66.5%), Mining and quarrying (61.2%), Electricity and gas (57.4%), and Manufacturing
(55.7%) recorded rates above the national average, while Information and communication
activity recorded the lowest rate of 4.5 percent in February 2023.

(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 = 100.

This release shows 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; Construction; Transport and Storage; Food & Accommodation; Information & Communication.

The PPI figure for February 2023 is provisional and is subject to revision when additional data become available. All other indicators are final.

Sources : 3news