Ghana September 2024 Producer Price Index and Inflation Insights
Gain valuable insights into the Producer Price Index (PPI) and inflation trends in Ghana for September 2024. Understand the definition, measurement, and significance of PPI, along with key highlights and rates, providing a comprehensive overview of the economic landscape.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
PRESS RELEASE GHANA, SEPTEMBER 2024 PRODUCER PRICE INDEX AND INFLATION 16th October 2024
In this release, we present: Definition and Measurement of the Producer Price Index (PPI) Producer Price Index and Producer Inflation for September 2024 Disaggregation of the September 2024 Producer Inflation Highlights of September 2024 Producer Inflation PPI release Sept. 2024 1
Definition and Measurement of PPI and Inflation (1/2) The Producer Price Index (PPI) measures the average change over time in the selling prices of goods and services as received by domestic producers. Prices collected for the computation of PPI are known as factory gate price, which are the prices firms assign to their products. These prices exclude sales and excise taxes, government subsidies other costs incurred by other intermediaries and consumers The rate of Producer Inflation is the relative change in PPI between periods PPI release Sept. 2024 2
Definition and Measurement of PPI and Inflation (2/2) PPI computation is based on a fixed basket of products. Firms are the primary source of data Firms are selected based on the Integrated Business Establishment Survey Variables for the computation of PPI are weights, prices, quantities of products. Two reference periods for the computation of PPI are the weight reference (industry and product shares) and the index reference for price comparison. The computation is done from a dual time perspective, monthly and annually PPI release Sept. 2024 3
Reference Periods - PPI and Inflation Weight Reference-2019 Weight reference at the industry level is based on 2019 Gross Value Output (GVO) Selection of firms is based on the 2013 Integrated Business Establishment Survey (II) Index Reference (Price Comparison) March 2020 to February 2021 =100 PPI release Sept. 2024 4
PPI Weights PPI release Sept. 2024 5
Producer Price Index and Producer Inflation for September 2024 PPI for September 2024 was 261.4 relative to 200.5 for September 2023 Year-on-year inflation rate at ex- factory prices for all goods and serviceswas 30.4% in September 2024. Month-on-month producer inflation rate was 0.6%. PPI release Sept. 2024 6
Disaggregation of the YoY August and September 2024 Producer Inflation by Sectors August_ 24 September_ 24 50.0 44.6 43.0 45.0 40.0 35.0 30.0 Percent 23.2 22.7 25.0 20.0 14.0 15.0 12.3 10.0 5.0 0.0 Industry Construction Services PPI release Sept. 2024 7
Disaggregation of the September 2024 Producer Inflation by Sub-Sectors Yearly Monthly Mining and Quarrying Mining and Quarrying 48.7 1.2 Accommodation and food service activities Accommodation and food 31.1 1.3 Transportaton and storage 30.9 Transportaton and storage 2.3 Overall 30.4 0.6 Overall Construction 23.2 Construction 0.5 Manufacturing 21.8 -0.3 Manufacturing Electricity and gas 10.4 0.7 Electricity and gas Information and communication 8.1 Information and communication 0.0 Water supply; sewerage, waste management Water supply; sewerage, waste 4.0 1.9 PPI release Sept. 2024 8
Inflation of Sub-groups within the Construction Sub-Sector for September 2024 30.0 24.8 25.0 20.0 20.0 17.2 Percent 15.0 10.0 5.0 0.0 Civil engineering Construction of buildings Specialized construction activities PPI release Sept. 2024 10
Inflation of Sub-groups within the Mining and Quarrying Sub-Sector for September 2024 90.0 81.6 80.8 80.0 70.0 60.0 Percent 50.0 38.7 40.0 32.8 30.0 20.0 12.3 10.0 - Mining of metal ores Mining less crude oil Mining support service activities Other mining and quarrying Extraction of Crude and natural gas PPI release Sept. 2024 11
Sub-groups within the Manufacturing sub-sector with inflation rates above the sub-sector rate Manufacture of basic metals 52.0 Manufacture of beverages 44.5 Manufacture of motor vehicles, trailers and semi- trailers 38.2 Manufacture of wood and of products of wood and cork, except furniture; 31.9 PPI release Sept. 2024 12
Producer Inflation for Services Sub-Sector for September 2024 Warehousing and support activities for 36.7 Accommodation 32.5 Food and beverage service activities 23.3 Programming and broadcasting activities 17.3 Publishing activities 11.3 Telecommmunications 8.2 Land transportation 7.6 Water transportation 1.8 Motion picture, video and television 0.9 Computer programming, consultancy and 0.7 Postal and courier activities 0.4 Information service activities 0.0 -0.5 Air transport -1.0 4.0 9.0 14.0 19.0 24.0 29.0 34.0 39.0 PPI release Sept. 2024 13
Highlights for September 2024 YoY Inflation 4.0% 48.7% Mining and quarrying 43.0% Industry Water supply, sewerage and waste management 33.2% Year-on-year Producer Inflation August 2024 21.8% Manufacturing 30.4% Year-on-year Producer Inflation September 2024 12.3% Service 10.4% Electricity and gas 31.1% Accommodation and food 30.9% Transport and storage 23.2% 8.1% Construction Information and communication PPI release Sept. 2024 14
Highlights for September 2024 MoM Inflation 1.8 % Industry 2.7 % Month-on-month producer inflation August 2024 -0.3% Manufacturing 1.9% Water supply, sewerage and waste management 0.6 % Month-on- month Producer Inflation September 2024 1.2% Mining and quarrying 0.5% Services 0.7% Electricity and gas 2.3% Transport and storage 1.3% Accommodation and food 0.5 % 0.0% Information and communication Construction PPI release Sept. 2024 15
THANK YOU End of Press Release for September 2024 Producer Price Index For enquiries, please contact: Dr. Anthony Kofi Krakah (Head, Business & Industrial Statistics, GSS) anthony.krakah@statsghana.gov.gh
