The year-on-year inflation rate at factory gate prices for all goods and services fell to 52.3 % in December 2022, from 78.0% recorded in November 2022, data from the Ghana Statistical Services has revealed.
The monthly change rate was -13.3%, 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% for the same period.
Perhaps, this could signal a probable fall in the Consumer Price Inflation (CPI) in January 2023.
The PPI in the Industry less construction sector decreased to 65.7% in December 2022, from 94.3% in November 2022.
The rate in the construction sector decreased to 22.1% in December 2022, from 26.6% 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% to 78.0% in December 2022.
The rate for the civil engineering sub-sector decreased by 0.2 percentage points to 4.4% in December 2022.
The specialised construction activities sub-sector recorded a 4.9% inflation rate for December 2022 compared with 4.8% 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% inflation rate for December 2022, a decrease of 4.5 percentage points over the November rate of (34.9%).
The Water supply, Sewerage, and Waste Management Sub-sector recorded an inflation rate of 24.1%.
PPI in services sector also reduces
In the services sector, the rate decreased from 12.6% in November 2022 to 10.0% 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% to 63.6% in December 2022.
The accommodation and food sub-sector rate decreased by 20.2 percentage points to 32.5% in December 2022.
The Information and communication sub-sector recorded a 2.7% inflation rate for December 2022 compared to 2.2% in November 2022.