Producer Price Inflation rate hits 33.5% in May 2022

Inflation
Inflation

By Edzorna Francis Mensah

The year-on-year producer inflation for all industries stood at 33.5 percent in May 2022 with a monthly change rate of 3.6 percent. The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 45.0 percent, followed by the Mining and Quarrying sub-sector with 23.9 percent.

The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 percent.

The manufacturing sub-sector recorded the highest monthly inflation rate of 6.4 percent, followed by the utility sub-sector recorded no change. The mining and quarrying sub-sector recorded the least inflation of -4.6 percent in May 2022.

These were contained in the statement released by the Ghana Statistical Service at the news conference by the Government Statistician professor Samuel Kobina Annin.

Manufacturing Sector

For the period under review thus May 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 45.0 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 121.0 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 sub-sector was 29.4 percent in May 2021. The rate decreased to 23.9 percent in June 2021 and increased to 25.3 percent in August 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 121.0 percent in May 2022.

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