The Producer Price Inflation rate for July 2022 has hit 41.2 per cent.
According to the Ghana Statistical
Service (GSS), the rate indicates that between July 2021 and July 2022
(year-on-year), the PPI increased by 41.2 percent.
“This rate represents a 2.5 percentage
points increase in producer inflation relative to the rate recorded in June
2022 (38.7%). The month-on-month change in the producer price index between
June 2022 and July 2022 was 1.9 percent,” said Government Statistician, Prof.
Samuel Kobina Annin.
The Manufacturing sub-sector recorded
the highest year-on-year producer price inflation rate of 57.4 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 1.3 percent.
The manufacturing sub-sector recorded
the highest monthly inflation rate of 3.1 percent, followed by the utility
sub-sector with 0.1 percent.
The mining and quarrying sub-sector
recorded the least inflation of -1.3 percent in July 2022.
He indicated that the PPI in the
Mining and Quarrying sub-sector decreased by 1.6 percentage points over the
June 2022 rate of 25.5 percent to 23.9 percent in July 2022.
Also, the producer inflation for the
manufacturing sub-sector, which constitutes more than two-thirds of total
industry, increased by 4.5 percentage points to 57.4 percent.
Meanwhile, the utility sub-sector
recorded 1.3 percent inflation rate for July 2022
Trends
In July 2021, the producer price
inflation rate for all industry was 8.4 percent.
The rate decreased to 8.1 percent in
August 2021, but increased to 8.8 percent in September 2021. Subsequently, the
rate resumes an upward trend and increase consistently to 41.2 percent in July
2022.
In July 2022, one out of the sixteen
major groups in the manufacturing sub-sector recorded inflation rates higher
than the sector average of 57.4 percent.
Manufacture of coke, refined petroleum
products and nuclear fuel recorded the highest inflation rate of 146.5 percent,
while the Publishing, printing and reproduction of recorded media recorded the
least inflation rate of 2.6 percent.
Source: DGN online