Ghana-Press-Review

Ghana inflation up from 54.5 percent

APA – Accra (Ghana)

Ghana's October inflation rate which was largely driven by increases in the industrial sector recorded the highest year-on-year producer price increase of 75.6 per cent, up from the 54.5 percent in September.

The Graphic reports that this was followed by the construction sector, with 23 per cent. This figure, however represented a decline over the September rate of 25.1 percent.

The services sector recorded the lowest year-on-year producer inflation rate of 10 per cent.

The Government Statistician, Professor Samuel Kobina Annim, who announced this through a press release issued in Accra yesterday, said under the industrial sector, Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 86.4 percent, followed by the manufacturing sub-sector with 73.1 percent.

Electricity and gas recorded a 33.7 percent inflation rate for October 2022, an increase of 10 per cent over the September rate of 23.7 percent, with the water supply, sewerage, and waste management sub-sector recording the lowest PPI of 15.7 per cent.

In the mining and quarrying sub-sector, extraction of crude and natural gas recorded the highest inflation of 103.7 per cent, indicating an increase of 29 percentage points over the September rate of 79.2 per cent.

Mining support service activities recorded the least inflation rate of 26.2 per cent.

In October 2022, three out of the 23 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 73.1 percent.

The manufacture of soft drinks, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 148.3 per cent, followed by the manufacture of computer, electronic and optical products with 69.8 per cent.

In the water supply sub-sector, water collection, treatment, and supply industries recorded the highest inflation of 19.7 per cent, while waste collection, treatment, and disposal activities; material recovery recorded 10.8 percent.


GIK/APA

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