Producer Price Inflation For May Hops To 33.5%

The Ghana Statistical Service (GSS) has reported that the Producer Price Index (PPI) for May 2022 increased by 2.1 percentage points from 31.4% in April to 33.5 %.

The month-on-month change in the producer price index between May 2021 and May 2022 was 3.6 percent, the GSS said.

The three sectors driving the PPI are the Mining and Quarrying sector; the Manufacturing sector; and Utilities.

The year-on-year producer Price inflation for the Mining & Quarrying sector was 23.9%, Manufacturing got 45.0% and Utilities 1.1 %, according to provisional results from the GSS.

“In May 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 45.0 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 121.0 percent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent

“The producer inflation rate in the petroleum subsector was 29.4 percent in May 2021. The rate decreased to 23.9 percent in June 2021 and increased to 25.3 percent in August 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. In February 2022 the rate increased to 44.3 percent and jumped to 121.0 percent in May 2022”, the GSS said.

In all, the Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 45.0 percent, followed by the Mining and Quarrying subsector with 23.9 percent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 percent.

Source: opemsuo.com/Hajara Fuseini