In October 2023, Ghana’s Producer Price Index (PPI) showed a significant decrease to 9.6%, dropping by 15.5 percentage points compared to the previous month’s rate of 25.1%.
The month-on-month change between September 2023 and October 2023 was 1.1%.
According to data from the Ghana Statistical Service, producer price inflation in the industry (excluding construction) declined to 9.0% in October 2023 from 26.4% in September 2023.
In the construction sector, the inflation rate decreased to 44.0% in October 2023, down from 48.9% in the previous month.
The Services sector also experienced a decline, with the inflation rate dropping from 16.1% in September 2023 to 11.7% in October 2023.
Various sub-sectors, including Construction, Electricity and Gas, Water Supply, and Mining, recorded rates higher than the national average. The Manufacturing sub-sector had the lowest rate at 3.2% in October 2023.
Within the Manufacturing sub-sector, specific groups like Textiles and Pharmaceuticals showed higher inflation rates at 68.3% and 64.2%, respectively.
In the Mining and Quarrying sub-sector, the inflation rate for the Extraction of crude and natural gas decreased from 30.3% in September 2023 to 0.9% in October 2023. Similarly, the inflation rate for Mining of metal ores dropped from 34.0% to 14.8%. Mining support service activities recorded an inflation rate of 60.5%.
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