JANUARY 2023 22 ND FEBRUARY 2023 In this release we present Definition and Measurement of the Producer Price Index PPI Producer Price Index and Producer Inflation for January 2023 ID: 1029788
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1. PRESS RELEASEGHANA PRODUCER PRICE INDEX AND INFLATION JANUARY 2023 22ND FEBRUARY 2023
2. In this release, we present:Definition and Measurement of the Producer Price Index (PPI)Producer Price Index and Producer Inflation for January 2023Disaggregation of the 2023 Producer Inflation Highlights of January 2023 Producer Inflation22/02/20232
3. 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.Price collected for the computation of PPI are known as factory gate prices, 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 consumersThe rate of Producer Inflation is the relative change in PPI between periods 322/02/2023
4. 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 dataFirms are selected based on the Integrated Business Establishment SurveyVariables for the computation of PPI are weights, prices, quantities and 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 annually422/02/2023
5. Reference Periods - PPI and Inflation Weight Reference-2019Weight reference at the industry level is based on 2019 Gross Value Output (GVO)Selection of firms is based on the Integrated Business Establishment Survey (II)Index Reference (Price Comparison)– March 2020 to February 2021 =10022/02/20235
6. PPI Weights 22/02/20236
7. Producer Price Index and Producer Inflation for January 2023Year-on-year inflation rate at factory gate prices for all goods and services was 52.1 % in January 2023.The monthly change rate was 0.9%.MonthPPI(03/2020-02/2021 =100)InflationMonthly YearlyDec. 2021 117.0--Dec. 2022 178.3-13.3 52.2Jan. 2023p179.6p0.9 p52.1 p = provisional22/02/20237
8. Disaggregation of the 2023 Producer Inflation by Sectors22/02/20238
9. Disaggregation of the 2023 Producer Inflation by Sub-Sectors22/02/20239
10. Change in Sub-Sector Producer Inflation Dec. Vs. Jan. 202322/02/202310
11. Manufacturing Sub-Sector 22/02/202311
12. Mining and Quarrying Sub-sector22/02/202312
13. Construction Sub-Sector22/02/202313
14. Services Sub-sector22/02/202314
15. Highlights (1/3)The new PPI is referenced March 2020 – February 2021Weight reference is 201922/02/202315
16. Highlights (2/3)22/02/20231652.2 %December 2022 yearly change in Producer Price Inflation52.1 %January 2023 yearly change in Producer Price Inflation65.7 %Industry9.5 %Service68.2 %Mining and quarrying53.3 %Manufacturing29.9%Electricity and gas26.0%Water supply, sewerage and waste management20.4 %Constructions62.6 %Transport and storage40.1 %Accomodation and food1.2 %Information and communication
17. Highlights (2/3)22/02/202317-13.3 %December 2022 monthly change in Producer Price Inflation0.9 %December 2022 monthly change in Producer Price Inflation1.1 %Industry-0.8%Service2.2 %Mining and quarrying-0.2%Manufacturing-0.3%Electricity and gas2.6 %Water supply, sewerage and waste management4.3 %Constructions0.1 %Transport and storage1.1 %Accomodation and food-1.1 %Information and communication
18. Thank YouFor enquiries, please contactMr. Anthony KrakahHead, Industrial Statistics, Ghana Statistical ServiceEmail: anthony.krakah@statsghana.gov.gh