Electricity, gas sub-sector records highest producer price inflation

The electricity and gas sub-sector recorded the highest year-on-year producer price inflation rate of 44.2 per cent from January 2023 to 2024.

It is an increase of 0.4 percentage points over the December, last year.

This was followed by the mining and quarrying sub-sector with 21.3 per cent.

The manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 9.7 per cent.

A release on the industrial producer price index (I-PPI) issued in Accra by the Ghana Statistical Service said the mining and quarrying sub-sector recorded the highest month-on-month inflation rate of 3.2 per cent, followed by the manufacturing sub-sector with 1.1 per cent.

Water supply, sewerage and waste management sub-sectors recorded the lowest inflation rate of -0.1 per cent for January 2024.

I-PPI for January 2024

Overall, the I-PPI inflation rate for January 2024 was 17.2 per cent. This means that between January 2023 and January 2024, the I-PPI increased by 17.2 per cent.

“This rate represents a 1.4 percentage point decrease in industrial producer inflation relative to the rate recorded in December 2023, which was 18.6 per cent. 

The month-on-month change in the I-PPI between December 2023 and January 2024 was 2.1 per cent,” it said.

The industrial producer price inflation in the mining and quarrying sub-sector decreased by 2.7 percentage points over the December 2023 rate of 24.0 per cent to 21.3 per cent in January 2024.

It said the manufacturing sub-sector increased by 1.2 percentage points to 9.7 per cent in January 2024.

The release further said in January 2024, the extraction of crude and natural gas recorded inflation of 17.0 per cent, indicating an increase of 6.8 percentage points over the December 2023 rate of 10.2 per cent.

Mining of metal ores decreased to 22.7 per cent in January 2024 from 26.1 per cent in December 2023, while mining support service activities recorded an inflation rate of 52.1 per cent.