Good News: Ghana’s Production Inflation Drops By Over 20%
Ghana’s production inflation for the period of December dropped to 52.2%. This addresses a 25.9% drop from November’s figures which came in at 78.1%.
The drop in production price index is likely going to cause a drop in consumer inflation too.
The PPI is a price index that measures the average changes in prices received by domestic producers for their output, which is of course subject to the level of production within the economy under review.
This decrease in PPI also addresses an inevitability in the Ghanaian economy. With the price for production dropping, the amount consumers would have to pay for said delivered merchandise would also decline.
Thus, it is without a doubt that the 25% drop in PPI is going to decidedly affect the country’s consumer inflation.
This eventuality is also clear in the fact that the December rate was largely driven by a drop in the industry sector which decreased from 94.3% in November to 65.7%
Other key figures include a 4.5% decrease in the construction sector from 26.6% recorded in November 2022 to 22.1% recorded in December.
A 2.6% drop in the help sector, which plunged from 12.6% in November to 10.0% in December.
All through 2022, Ghana went through its worst economic year in over 2 decades. The country experienced its worst inflation in recent history, which had its Cedi, the Ghanaian currency at the bottom of the list of the world’s best performing currencies.
In any case, this drop in PPI is consistent with the upward trajectory the country has been on for the past month. The announcement follows the news that Ghana’s Cedi was named one of the most amazing performing in the world after regaining 61% of its value against the dollar in December.
READ: NPP Is In A Better Position To Win The 2024 Elections – Attorney General
Other uplifting news has also trailed the country, such as securing a staff level agreement for its $3 billion loan demand from the International Monetary Fund.
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