Producer inflation falls by 25.7% in December 2022

The year-on-year inflation rate at factory gate prices for all goods and services fell to 52.3 per cent in December 2022, from 78.0 per cent recorded in November 2022, data from the Ghana Statistical Services has revealed.

The monthly change rate was -13.3 per cent, indicating the rate of inflation slowed down during the month under review.

This Producer Price Inflation (PPI) for December 2023 is how­ever not too different from the Consumer Price Index (CPI) of 54.1 per cent for the same period.

The PPI in the Industry less construction sector decreased to 65.7 per cent in December 2022, from 94.3 per cent in November 2022.

The rate in the construction sector decreased to 22.1 per cent in December 2022, from 26.6 per cent in November 2022.

Construction PPI falls

The inflation in the construc­tion of buildings sub-sector de­creased by 22.2 percentage points over the November 2022 rate of 100.2 per cent to 78.0 per cent in December 2022.

The rate for the civil engineer­ing sub-sector decreased by 0.2 percentage points to 4.4 per cent in December 2022.

The specialised construction activities sub-sector recorded a 4.9 per cent inflation rate for Decem­ber 2022 compared with 4.8 per cent in November 2022.

Industrial PPI decreases

The industrial producer price inflation in the Mining and Quarrying sub-sector decreased by 42.2 percentage points over the November 2022 rate of 115.6% to 73.4% in December 2022.

The Manufacturing sub-sec­tor decreased by 20.1 percentage points to 64.2% in December 2022.

Electricity and gas recorded a 30.4 per cent inflation rate for December 2022, a decrease of 4.5 percentage points over the No­vember rate of (34.9 per cent).

The Water supply, Sewerage, and Waste Management Sub-sec­tor recorded an inflation rate of 24.1 per cent.

In the services sector, the rate decreased from 12.6 per cent in November 2022 to 10.0 per cent in December 2022.

The service producer price inflation in the Transport and Storage sub-sector decreased by 24.0 percentage points over the November 2022 rate of 87.6 per cent to 63.6 per cent in December 2022.

The accommodation and food sub-sector rate decreased by 20.2 percentage points to 32.5 per cent in December 2022.

The information and commu­nication sub-sector recorded a 2.7 per cent inflation rate for Decem­ber 2022 compared to 2.2 per cent in November 2022