Producer price inflation jumps to 29.3%
Producer price inflation [PPI] for end-March 2022 per the Ghana Statistical Service (GSS) was 29.3%.
Compared to the 21.4% PPI recorded in February 2022, PPI rate for March 2022 marks a 7.9 percentage points increase in producer inflation.
According to the GSS, the manufacturing sub-sector recorded the highest year-on-year produce price inflation, followed by the mining and quarrying sector.
Producer price inflation in the mining and quarrying sub-sector increased by 19.8 percentage points over the February 2022 rate of 13.8% to 33.6% in March 2022.
The producer inflation for the manufacturing subsector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 36.0%.
Two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 36.0%.
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“The producer inflation rate in the petroleum subsector was 31.0% in March 2021. The rate decreased to 28.0% in April 2021 and subsequently fluctuates to 25.3% in August 2021.
“Thereafter, it increased continuously to 58.4% in November 2021 but dropped to 35.0% in January 2022. In February 2022 the rate increased to 44.3% and inched up to 67.4% in March 2022,” said the GSS.
According to a GSS, in March 2021, the producer price inflation rate for all industries was 13.0%. The rate decreased to a record 10.9% in April 2020 but increased to 11.8% in May 2021.
The rate decreased continuously to a record 8.1% in August 2021. However, since that time, the PPI has been on an upward trend reaching 29.3% in March 2022.
PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
