Ex-Factory Price Inflation Hits 38%

 

THE YEAR-on-year producer price inflation (PPI) rate for June 2022 rose to 38.0 per cent.

This rate represents a 4.7 percentage points 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 percent.

A release by the Ghana Statistical Service indicated that 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,” it added.

Trends

In June 2021, the producer price inflation rate for all industry was 10.1 percent.

The rate decreased to a record 8.1 percent in August 2021 but increased to a record 8.8 percent in September 2021.

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.

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

It increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022 before increasing to 44.3 in February 2022 and to 135.9 percent in June 2022.


Source : DailyGuide 

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