PPI for the month of January 2023 fell marginally to 52.1% – GSS

PPI for the month of January 2023 decreased slightly to 52.1% – GSS

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Wednesday 22 February 2023 23:16

Producer Price Inflation (PPI) for the month of January 2023 fell slightly to 52.1%, from 52.2% recorded in December 2022, the Ghana Statistics Service (GSS) said on Wednesday, February 22.

Producer price inflation is the average price of goods and services received by domestic producers for their production activities.

The PPI of the Mining and Quarrying subsector decreased by 5.3 percentage points from the December 2022 level from 73.4% to 68.2% in January 2023.

In January 2023, the extraction of crude oil and natural gas recorded inflation of 59.6%, representing a decrease of 23.3 percentage points compared to the November 2022 level of 82.9%. Metal ore mining increased to 4.7% in January 2023, from 67.1% in December 2022. Mining support services activity also recorded the lowest inflation rate of 44.9 percent

For the Manufacturing subsector, the PPI decreased by 11.0 percentage points to 53.3% in January 2023.

10 of the 23 main groups in the manufacturing subsector recorded an inflation rate higher than the sector average of 53.3%.

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