- April 22, 2022
- Posted by: Amos Ekow Coffie
- Categories: Economics, Trade
The year-on-year producer price inflation for March 2022 has risen to 29.3 percent, according to data from the Ghana Statistical Service.
This rate represents a 7.9 percentage point increase in the average price of goods and services received by domestic producers in the country for their production activities relative to the 21.4 percent recorded in February.
On a monthly basis, the change in the producer price index between February and March was 6.8 percent.
The producer price inflation in the Mining and Quarrying sub-sector increased by 19.8 percentage points over the February 2022 rate of 13.8 percent to 33.6 percent in March 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 36 percent.
The utility sub-sector recorded a 1.1 percent inflation rate for March 2022.
In March 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 36 percent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 67.4 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent.
Petroleum Price Index
The producer inflation rate in the petroleum sub-sector was 31 percent in March 2021. The rate decreased to 28 percent in April 2021 and subsequently fluctuated to 25.3 percent in August 2021.
Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 35 percent in January 2022.
In February 2022, the rate increased to 44.3 percent and inched up to 67.4 percent in March 2022.
In March 2021, the producer price inflation rate for all industry was 13 percent. The rate decreased to a record 10.9 percent in April 2020 but increased to 11.8 percent in May 2021.
The rate then decreased continuously to a record 8.1 percent in August 021. Subsequently, the rate resumed an upward trend to increase continuously to a record 29.3 percent in March 2022.