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Producer Price Inflation jumps to 45.5%

Producer Price Inflation jumps to 45.5%

The Producer Price Inflation for the month of September has risen to 45.5 percent up from a revised 39.7% rise seen in August.

Wholesale prices rose by 5.9% in September 2022 from August 2022 after a rebasing exercise.

Mining and quarrying (57.5%) and manufacturing (58.2%) recorded the highest rates, followed by construction (26.2%) and services (5.7%).

“We need to reflect the current structural changes we’re seeing in our economy, particularly the role of oil extraction, the penetration of ICT (information and communications technology) and the expanding service sector,” government statistician Samuel Kobina Annim told a news conference.

On a month-on-month basis with the respective indices, provisional August 2022 and September 2022 was 5.2%.

Also from the producer’s perspective between August 2022 and September 2022, generally prices of goods and services went up by 5.2%, the government statistician said.

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.

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