Producer Price Index registers 29.2% YoY growth in June 2023
Accompanied by a 1.1 percentage point decrease compared to the previous month, Ghana’s Statistical Service (GSS) reported a robust 29.2% year-on-year growth in the Producer Price Index (PPI) for June 2023. According to the GSS, this figure reflects the average change in prices received by domestic producers in their production of goods and services.
The PPI’s month-on-month change between May 2023 and June 2023 was recorded at 0.6%, indicating a steady ascent in prices during the period. However, this modest increase represents a slight slowdown in inflationary pressures compared to the 30.3% rate reported in May 2023.
Analyzing specific sectors, the GSS revealed that producer price inflation in the industry, excluding construction, decreased marginally from 32.5% in May 2023 to 31.3% in June 2023. Similarly, the construction sector experienced a drop in PPI from 20.0% to 19.3% during the same period. Meanwhile, the Services sector demonstrated resilience, with a decline in PPI from 18.1% in May 2023 to 17.6% in June 2023.
The PPI data, with a reference period of March 2020 to February 2021, utilizes a base value of 100. While the figures released for June 2023 are provisional, subject to revision pending additional data, all other indicators provided by the GSS are considered final.
Ghana’s latest PPI figures underscore the persistent upward pressure on prices faced by domestic producers. However, the marginal easing of inflationary trends in certain sectors offers a glimmer of hope for consumers and policymakers alike. As the GSS continues to monitor economic dynamics, future revisions to the PPI data will provide a more comprehensive perspective on Ghana’s evolving inflationary landscape.
