24.8 C
Accra
Saturday, June 15, 2024
HomeBusinessProducer Price Inflation drops to 50.8% in February 2023 – Citi Business...

Producer Price Inflation drops to 50.8% in February 2023 – Citi Business News

Date:

Related stories

Recent data from the Ghana Statistical Service, GSS, indicates that the Producer Price Inflation (PPI) for the month of February, 2023 fell marginally to 50.8%, from the 52.1%, recorded last month.

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

This figure represents a 1.7 percentage point decrease in producer inflation relative to the rate recorded in January 2023.

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

Per the data from the GSS, the producer price inflation in the Industry less Construction sector decreased to 57.9% in February 2023, from 58.8% in January 2023.

Also, the rate in the construction sector increased to 21.1% in February 2023 from 20.4% in January 2023.

In the Services sector, the rate increased from 10.6% in January 2023 to 13.4% 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.
However, Information and Communication Activity recorded the lowest rate of 4.5% in February 2023.

Source link

Latest stories