Producer Price Inflation rises again by 4.7% to hit 38% in June

Producer Price Inflation continues to go up as latest data from the Ghana Statistical Service indicates that the average cost of inputs received by domestic producers for the production of their goods and services for the month of June rose by 38 percent.

This rate indicates that between June 2021 and June 2022 (year-on-year), the PPI increased by 38 percent.

This represents a 4.7 percent increase in producer inflation relative to the 33.3 percent recorded in May.

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 percent to 25.5 percent 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 percent.

The utility sub-sector recorded 1.2 percent inflation rate for June 2022.

Manufacturing Sector

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 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 135.9 percent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent.

Petroleum Price Index

The producer inflation rate in the petroleum subsector was 23.9 percent in June 2021. The rate increased to 25.2 percent in July 2021.

Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. In February 2022 the rate increased to 44.3 percent and jumped to 135.9 percent in June 2022.