Producer Price Inflation continues upward trend; hits 21.4% at end-February 2022
Producer Price Inflation [PPI] continues its upward trend reaching 21.4% at the end of the month February 2022.
The new PPI marks an increase of 4.6% from the previous month’s – January 2021 – PPI of 16.8%.
According to the Ghana Statistical Service (GSS), month-on-month change in producer price index between January 2022 and February 2022 was 3.9%.
The manufacturing sector, Government Statistician, Professor Samuel Kobina Annim noted, drove the PPI for February.
According to him, the manufacturing sub-sector, which constituted more than two-thirds of the total industry, recorded the highest year-on-year producer price inflation of 28.8%, constituting an increase of 4.0 percentage points.
“In February 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 28.8%.
Read: Russia warns WTO of looming dangers to multilateral trading system
“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation of 44.3%, while the publishing, printing and reproduction of recorded media recorded the least inflation of 2.6%,” Prof. Annim said.
He said the producer price inflation for the mining and quarrying sub-sector rose to 13.8% increased from 11.6% in January 2022, representing an increase rate of 2.2%.
“The mining and quarrying sub-sector recorded the highest monthly inflation rate of 8.4% followed by the manufacturing sub-sector which recorded a rate of 3.8%,” he added.
He said the Utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.5%.
On the petroleum sector, the Government Statistician recorded an inflation rate of 44.3% from 35.0% in January this year.
PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
