Producer inflation drops to 52.2%
The Producer Price Inflation (PPI) which measures the average change over time in the selling prices of goods and services as received by domestic producers has dropped to 52.2 per cent for December 2022.
The rate represents a decrease of 25.9 percentage points as compared to the November 2022 rate which was 78.1 per cent.
This is good news for the country as it signals that consumer inflation may also begin to drop from January 2023.
The December rate was largely driven by a drop in the industry sector which decreased from 94.3 per cent in November to 65.7 per cent.
The rate in the construction sector also decreased to 22.1 per cent in December 2022 from 26.6 per cent in November 2022.
In the Services sector, the rate decreased from 12.6 per cent in November 2022 to 10.0 per cent in December 2022.