Producer Price Inflation rises by 4.7%; now 38% at end-June 2022
Producer Price Inflation [PPI] rate for June 2022 rose by 4.7% to 38%.
This is according to new data released by the Ghana Statistical Service [GSS].
Producer Price Inflation for the previous month [May 2022] was 33.3%.
According to the GSS, producer price inflation in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the May 2022 rate of 23.9 percent to 25.5 percent in June 2022.
The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 51.8 percent. The utility sub-sector recorded 1.2 percent inflation rate for June 2022.
Manufacturing Sector
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 percent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 135.9 percent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent.
Petroleum Price Index
The producer inflation rate in the petroleum subsector was 23.9 percent in June 2021. The rate increased to 25.2 percent in July 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 135.9 percent in June 2022.
Trends
In June 2021, the producer price inflation rate for all industry was 10.1 percent. The rate decreased to record 8.1 percent in August 2021 but increased to record 8.8 percent in September 2021.
Subsequently, the rate resumes an upward trend and increase consistently to record 38.0 percent in June 2022.
