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PPI for April rises to 31.2%, driven by high manufacturing cost

Producer Price Inflation PPI1212.png Manufacturing sub-sector recorded the highest year-on year PPI for April 2022

Sun, 22 May 2022 Source: ghanaiantimes.com.gh

The Producer Price Inflation (PPI) for April rose to 31.2 percent from 29.3 percent in March, the Ghana Statistical Service (GSS) has said.

This represents a 1.9 percentage point increase and a month-on-month change rate of 1.1 percent.

The Producer Price Index measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The Government Statistician, Professor Samuel KobinaAnnim, who stated this at a news conference in Accra, yesterday said, the increase in the PPI rate was influenced by the manufacturing sector, which recorded the highest year-on-year PPI.

He said 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 percent from 36.0 percent in March, adding that the highest monthly inflation rate of 1.6 percent.

“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 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent,” Prof. Annim said.

The Government Statistician said the mining and quarrying sub-sector recorded PPI rate of 35.2 percent in April from 33.6 in March, with a monthly producer inflation of 0.4 percent.

“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 percent to 35.2percent in April 2022,” he said.

Prof. Annim said the utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 percent in April from 1.0 in March, adding that the sub-sector recorded no inflation in the month of April.

On the petroleum sub-sector, the Government Statistician, said the sector recorded PPI rate of 76.1 percent.

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

Source: ghanaiantimes.com.gh
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