The Ghana Statistical Service (GSS) has announced that the Producer Price Inflation rate for June 2022 was 38 per cent.
This rate indicates that between June 2021 and June 2022 (year-on-year), the PPI increased by 38.0 per cent, the GSS said on Wednesday, July 20.
This rate represents a 4.7 percentage point increase in producer inflation relative to the rate recorded in May 2022 (33.3%).
The month-on-month change in the producer price index between May 2022 and June 2022 was 4.6 per cent.
The producer price inflation in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the May 2022 rate of 23.9 per cent to 25.5 per cent in June 2022.
The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 51.8 per cent.
The utility sub-sector recorded a 1.2 per cent inflation rate for June 2022.
In June 2021, the producer price inflation rate for all industries was 10.1 per cent. The rate decreased to a record 8.1 per cent in August 2021 but increased to a record 8.8 per cent in September 2021.
Subsequently, the rate resumes an upward trend and increases consistently to a record 38.0 per cent in June 2022.
In June 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 51.8 per cent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 135.9 per cent, while the Manufacture of machinery and equipment recorded the least inflation rate of 0.0 per cent.
The producer inflation rate in the petroleum subsector was 23.9 per cent in June 2021. The rate increased to 25.2 per cent in July 2021. Thereafter, it increased continuously to 58.4 per cent in November 2021 but dropped to 36.0 per cent in January 2022. In February 2022 the rate increased to 44.3 per cent and jumped to 135.9 per cent in June 2022.
