Producer Price Inflation Hits 31.2%

The Ghana Statistical Service (GSS) says the Producer Price Index (PPI) for the month of April 2022 is 31.2%.

The GSS said this rate represents a 1.9 percentage point increase in producer inflation relative to the rate recorded in March 2022 (29.3%)

The month-on-month change in the producer price index between March 2022 and April 2022 was 1.1%.

This encompasses three major sectors of the economy namely: Mining and Quarrying, Manufacturing and Utilities.

The producer price inflation in the Mining and Quarrying sub-sector increased from a rate of 33.6% in March 2022 to 35.2% in April 2022.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 2.6 percentage points to 38.6% while the utility sub-sector recorded a 1.1% inflation rate for April 2022.

The GSS explained that “in April 2021, the producer price inflation rate for all industries was 10.9%. The rate increased to a record 11.8% but decreased continuously to a record 8.1% in August 2021. Subsequently, it resumes an upward trend to record 31.2% in April 2022.”

Additionally, it said “in April 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector’s average of 38.6%. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 76.1%”.

Meanwhile, the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6%, it said.

For the Petroleum sector in April 2021, “the producer inflation rate in the petroleum sub-sector was 28.0%. The rate then fluctuates between May and August 2021. Thereafter, it increased continuously to 58.4% in November 2021 but dropped to 36.0% in January 2022. The rate resumed an upward trend to record 76.1% in April 2022”.

Source: opemsuo.com/Hajara Fuseini