By Edzorna Francis Mensah
The year-on-year producer inflation for all industries stood at 31.2 percent in April 2022 with a monthly change rate of 1.1 percent compared to 29.3 percentage points recorded in March 2022, the Ghana Statistical Service has announced.
The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 38.6 percent, followed by the Mining and Quarrying sub-sector with 35.2 percent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 percent.
Government Statistician, Professor Samuel Kobina Annim, at the news conference in Accra on May 18, 2022, said, “the manufacturing sub-sector recorded the highest monthly inflation rate of 1.6 percent, followed by the mining and quarrying sub-sector recorded a rate of 0.4 percent. The utility sub-sector recorded no inflation in the month of April.”
The trends indicate that “in April 2021, the producer price inflation rate for all industries was 10.9 percent. The rate increased to a record 11.8 percent but decreased continuously to a record 8.1 percent in August 2021. Subsequently, it resumes an upward trend to record 31.2 percent in April 2022.
The producer inflation rate in the petroleum sub-sector was 28.0 percent for the period under review. The rate then fluctuates between May and August 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. The rate resumed an upward trend to record 76.1 percent in April 2022.
In April 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 38.6 percent. Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 76.1 percent, while the Publishing, printing, and reproduction of recorded media recorded the least inflation rate of 2.6 percent.
In April 2021, the producer inflation rate in the petroleum sub-sector was 28.0 percent. The rate then fluctuates between May and August 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. The rate resumed an upward trend to record 76.1 percent in April 2022.
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. The PPI for Ghana reports the producer price indices with reference to September 2006, the base period. This release shows the annual (year-on-year) and monthly producer inflation rates for all industries and three major sub-sectors of industry (Mining and Quarrying, Manufacturing, and Utilities) for the last twelve months.
The PPI figure for April 2022 is provisional and is subject to revision when additional data become available. All other indicators are final.