Business & Finance

June Producer Price Inflation Climbs From 33.5 To 38.0

The Ghana Statistical Service (GSS) says the Producer Price Inflation (PPI) for June 2022 has hopped from 33.5% in May 2022 to 38.0%.

It noted that the year-on-year PPI for the Mining & Quarrying sector increased by 1.6 percentage points over the May 2022 rate of 23.9 per cent to 25.5 per cent in June 2022.

On the other hand, the PPI for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 51.8 per cent.

The Utility sub-sector, the GSS said, witnessed an increase of 1.2 per cent inflation rate.

In June 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 51.8 per cent.

The manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 135.9 per cent; Manufacture of food products and beverages recorded 47.5; Manufacture of chemicals and chemical products recorded 36.5%; Manufacture of other non-metallic mineral products recorded 34.1%, Manufacture of textiles recorded 34.0.

Manufacture of rubber and plastic products recorded an inflation rate of 27.8%; Manufacture of furniture; manufacturing n.e.c recorded 20.1%; Manufacture of wood and products of wood and cork recorded 18.6%, Manufacture of motor vehicles, trailers and semi-trailers recorded 18.1%, Tanning and dressing of leather recorded 16.2%.

Manufacture of basic metals recorded 10.1%; Manufacture of fabricated metal products recorded 9.8%; Manufacture of paper and paper products recorded 8.7%; Manufacture of electrical machinery and apparatus n.e.c recorded 6.1%; Publishing, printing, and reproduction of recorded media recorded 2.6% and Manufacture of machinery and equipment n.e.c recorded the lowest inflation of 0.0%.

Source: Fuseini

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