Business

Producer Price Inflation for April is 31.2%

The Producer Price Inflation rate for April 2022 was 31.2 per cent the Ghana Statistical Service (GSS) has said.

This rate indicates that between April 2021 and April 2022 (year-on-year), the PPI increased by 31.2 per cent.

This rate represents a 1.9 percentage point increase in producer inflation relative to the rate recorded in March 2022 (29.3%).

The month-on-month change in the producer price index between March 2022 and April 2022 was 1.1 per cent

The producer price inflation in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the March 2022 rate of 33.6 per cent to 35.2 per cent in April 2022.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 2.6 percentage points to 38.6 per cent.

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

Trends

In April 2021, the producer price inflation rate for all Industry was 10.9 per cent. The rate increased to a record 11.8 per cent but decreased continuously to 8.1 per cent in August 2021.

Subsequently, it resumes an upward trend to record 31.2 per cent in April 2022.

Manufacturing Sector

In April 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 38.6 per cent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 76.1 per cent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 per cent (Fig. 2).

Petroleum Price Index

In April 2021, the producer inflation rate in the petroleum sub-sector was 28.0 per cent. The rate then fluctuates between May and August 2021. Thereafter, it increased continuously to 58.4 per cent in November 2021 but dropped to 36.0 per cent in January 2022. The rate resumed an upward trend to record 76.1 per cent in April 2022

Source: Classfmonline.com

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