The Producer Price Inflation (PPI) went down by 4.0 percentage points in May 2023 to 30.3%, data from the Ghana Statistical Service revealed.

However, the month-on-month change in the PPI between April 2023 and May 2023 was however -2.7%.

The PPI in the industry-less construction sector decreased to 32.5% in May 2023, from 37.1% in April 2023.

The rate in the construction sector also decreased to 20.0% in May 2023, from 20.8% in April 2023. In the Services sector, the rate decreased from 19.4% in April 2023 to 18.1% in May 2023. 

The Electricity and gas (51.8%), Accommodation and food service activities (51.0%), Transportation and storage (50.7%), Mining and quarrying (36.5%), and Water supply, sewerage, and waste management (31.7%) recorded rates above the national average.

However, the Information and communication activity recorded the lowest rate of 11.2% in May 2023.

Industrial PPI stood at 32.5%

Meanwhile, the PPI rate for Industry stood at 32.5% in May 2023.

This rate represents a 4.6 percentage point decrease in Industrial producer inflation relative to the rate recorded in April 2023 (37.1%).

The Industrial producer price inflation in the Mining and Quarrying sub-sector decreased by 8.6 percentage points over the April 2023 rate of 45.1% to 36.5% in May 2023.

The Manufacturing sub-sector decreased by 0.8 percentage points to 25.5% in May 2023.

In May 2023, 14 of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 25.5%.

The Manufacture of textiles recorded the highest inflation rate of 111.9%, followed by the Manufacture of pharmaceuticals, medicinal chemical and botanical products at 97.5%. The repair of installation of machinery and equipment recorded the least inflation of 0.0%.