Inflation from producer perspective hits 31.2%

Producer Price Inflation PPI1212.png The Producer Price Inflation (PPI) rate for April 2022 hit 31.2%, from 29.3% in March

Fri, 20 May 2022 Source: atinkaonline.com

The Producer Price Inflation (PPI) rate for April 2022 hit 31.2%, from 29.3% recorded in March 2022.

According to the Ghana Statistical Service, the month-on-month change in the producer price index between March 2022 and April 2022 was 1.1%.

This has a correlation with the Consumer Price Inflation which has been surging since the beginning of the year.

Whilst the PPI in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the March 2022 rate of 33.6% to 35.2% 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%.

The utility sub-sector however recorded a 1.1% inflation rate for April 2022.

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 percent.

Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 76.1%, while the publishing, printing, and reproduction of recorded media recorded the least inflation rate of 2.6%.

The Petroleum Price Index also went up to 76.1% in April 2022, signaling the rising fuel prices at the pumps.

For month-on-month, the manufacturing sub-sector recorded the highest monthly inflation rate of 1.6%, followed by the mining and quarrying sub-sector which recorded a rate of 0.4%. The utility sub-sector recorded no inflation in the month of April 2022.

Source: atinkaonline.com
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