Producer Price Inflation Hits 46 %
The Producer Price Inflation (PPI) for the month of August 2022 shot up to 46 per cent representing a 4.8 percentage point increase, the Ghana Statistical Service (GSS) has announced.
According to the GSS in its latest release, the month-on-month change in the producer price between July and August was also 4 per cent.
The Manufacturing sub-sector recorded the highest year-on-year producer inflation rate of 61.7 per cent, followed by the Mining and Quarrying sub-sector with 35.7 per cent.
The Utility sub-sector recorded 1.7 per cent inflation rate for August 2022.
In August 2022, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 61.7 per cent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 170.3 per cent with the Manufacture of machinery and equipment recording the least inflation rate of 3.7 per cent.
PPI trends in petroleum sub-sector
The producer inflation rate in the petroleum sub- sector was 25.3 per cent in August 2021.
After that, it increased continuously to 58.4 per cent in November 2021, but dropped to 36.0 per cent in January 2022.
Between February and August 2022, the rate increased consistently from 44.3 per cent to 170.3 per cent.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.