- The Producer Price Inflation (PPI) rate for January 2022 (year-on-year) has increased to 15.6 per cent, the Ghana statistical service has said.
- According to the GSS, the mining and quarrying sub-sector were the main price drivers for the increase
The Producer Price Inflation (PPI) rate for January 2022 (year-on-year) has increased to 15.6%, the Ghana statistical service has said.
The GSS said the rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in December 2021 (14.7%). While the month-on-month change in producer price index between December 2021 and January 2022 was 4.0%.
Manufacturing Sector
According to the GSS, in January 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 22.9%.
The report further indicated that “manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 35.0%, while the manufacture of motor vehicles, trailers and semi-trailers recorded the least inflation rate of -2.9%”.
Petroleum Price Index
The producer inflation rate in the petroleum sub-sector was 4.4% in January 2021.
“The rate increased continuously to pick at 31.0% in March 2021 but declined to 23.9% in June 2021. The rate increased continuously to a record 58.4% in November 2021. Subsequently, it dropped continuously to 35.0% in January 2022”, the GSS stated.
Mining and quarrying sub-sector
Also, the GSS report revealed that the producer price inflation in the mining and quarrying sub-sector increased by 2.1 percentage points over the December 2021 rate of 0.1% to record 2.2% in January 2022.
“The producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 0.8 percentage points to record 22.9%. The utility sub-sector recorded a 0.3% inflation rate for January 2022”, the report stated.
Trends
The GSS said its analysis shows that in January 2021, the producer price inflation rate for all industries was 8.7 per cent. The rate increased to record 13.0% in March 2020 but declined to 10.9 per cent in April 2021.
In May 2021, the rate increased to 11.8% but decreased continuously to a record 8.1 per cent in August 2021. Subsequently, the rate increased continuously to a record 15.6% in January 2022.
Nicholas Brown
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