Business

PPI rate for March is 29.3%

The Producer Price Inflation rate for March 2022 was 29.3 per cent, the Ghana Statistical Service has announced.

This rate indicates that between March 2021 and March 2022 (year-on-year), the PPI increased by 29.3 per cent.

This rate represents a 7.9 percentage point increase in producer inflation relative to the rate recorded in February 2022 (21.4%).

The month-on-month change in the producer price index between February 2022 and March 2022 was 6.8 per cent.

The producer price inflation in the Mining and Quarrying sub-sector increased by 19.8 percentage points over the February 2022 rate of 13.8 per cent to 33.6 per cent in March 2022.

The producer inflation for the Manufacturing subsector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 36.0 per cent.

The utility sub-sector recorded a 1.1 per cent inflation rate for March 2022.

Trends

In March 2021, the producer price inflation rate for all industry was 13.0 per cent. The rate decreased to a record 10.9 per cent in April 2020 but increased to 11.8 per cent in May 2021.

The rate decreased continuously to a record 8.1 per cent in August 2021. Subsequently, the rate resumes an upward trend to increase continuously to a record 29.3 per cent in March 2022.

Manufacturing Sector

In March 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 36.0 per cent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 67.4 per cent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 per cent.

Petroleum Price Index

The producer inflation rate in the petroleum subsector was 31.0 per cent in March 2021. The rate decreased to 28.0 per cent in April 2021 and subsequently fluctuates to 25.3 per cent in August 2021.

Thereafter, it increased continuously to 58.4 per cent in November 2021 but dropped to 35.0 per cent in January 2022. In February 2022 the rate increased to 44.3 per cent and inched up to 67.4 per cent in March 2022.

Highlights

The year-on-year producer inflation for all industry was 29.3 per cent in March 2022; the monthly change rate was 6.8 per cent.

The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 36.0 per cent, followed by the Mining and Quarrying sub-sector with 33.6 per cent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 per cent.

The mining and quarrying sub-sector recorded the highest monthly inflation rate of 15.7 per cent, followed by the manufacturing sub-sector recorded a rate of 6.4 per cent. The utility sub-sector recorded the least inflation of 0.6 per cent.

Source: Classfmonline.com

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