The Producer Price Index (PPI) rate for June 2023 fell to 29.2%, from 30.3% recorded in May 2023, data from the Ghana Statistical Service has revealed.

This rate indicates that between June 2022 and June 2023 (year-on-year), the PPI increased by 29.2%, representing a 1.1 percentage point decrease in producer inflation relative to the rate recorded in May 2023 (30.3%).

The month-on-month change in the PPI between May 2023 and June 2023 was, however, 0.6%.

According to the data, the producer price inflation in the industry less construction sector decreased to 31.3% in June 2023 from 32.5% in May 2023.

The rate in the construction sector decreased to 19.3% in June 2023 from 20.0% in May 2023.

 In the Services sector, the rate decreased from 18.1% in May 2023 to 17.6% in June 2023.

The Electricity and gas (70.6%), Transportation and storage (49.2%), Water supply, sewerage, and waste management (38.5%), Accommodation and food service activities (37.9%), and Mining and quarrying (31.0%) recorded rates above the national average.

Information and communication activity, however, recorded the lowest rate of 11.1% in June 2023.

Industrial PPI stands at 31.3%

Meanwhile, the Industrial Producer Price Inflation inflation rate for June 2023 was 31.3%.

This rate represents a 1.2 percentage point decrease in Industrial producer inflation relative to the rate recorded in May 2023 (32.5%).

The Industrial producer price inflation in the Mining and Quarrying sub-sector decreased by 5.5 percentage points over the May 2023 rate of 36.5% to 31.0% in June 2023.

The Manufacturing sub-sector increased by 2.1 percentage points to 27.2% in June 2023.

Electricity and gas recorded a 70.6% inflation rate for June 2023, an increase of 18.8 percentage points over the May rate of (51.8%). The Water supply, Sewerage, and Waste Management Subsector recorded an inflation rate of 38.5%.

In June 2023, the Extraction of crude and natural gas recorded inflation of -7.9 percent, indicating a decrease of 5.6 percentage points over the May 2023 rate of 2.3 percent. Mining of metal ores decreased to 64.2% in June 2023 from 65.2% in May 2023.  Mining support service activities recorded an inflation rate of 61.8%