EconomyNews

Producer Price Inflation hits 46% in August 2022

1 Mins read

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

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