The Producer Price Inflation (PPI) for the month of August 2022 went up by 4.8 percentage points to 46.0%.
According to the Ghana Statistical Service, the month on month change in the producer price between July and August was also 4%.
The Manufacturing sub-sector recorded the highest year-on year producer inflation rate of 61.7%, followed by the Mining and Quarrying sub-sector with 35.7%.
The Utility sub-sector recorded 1.7% inflation rate for August 2022.
In August 2022, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 61.7%.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 170.3%, with the Manufacture of machinery and equipment recording the least inflation rate of 3.7%.
PPI trends in petroleum sub-sector
The producer inflation rate in the petroleum sub- sector was 25.3% in August 2021. After that, it increased continuously to 58.4% in November 2021, but dropped to 36.0% in January 2022.
Between February and August 2022, the rate increased consistently from 44.3% to 170.3%.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Source: Pious Kojo Backah | Myjoyonline.com