- March 16, 2022
- Posted by: Charles Yeboah Nixon
- Categories: Economics, Finance
Rising cost of production pushed the Producer Price Inflation (PPI) rate for February 2021 to 21.4%, the Ghana Statistical Service has disclosed.
This rate indicates that between February 2021 and February 2022 (year-on-year), the PPI increased by 21.4%.
This rate represents a 4.6 percentage points increase in producer inflation relative to the rate recorded in January 2022 (16.8%).
The month-on-month change in producer price index between January 2022 and February 2022 was 3.9%.
Interestingly, the PPI in the Mining and Quarrying sub-sector increased by 11.6 percentage points over the January 2022 rate of 2.2% to record 13.8% in February 2022.
Also, the producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 4.0 percentage points to record 28.8%.
In February 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 28.8 percent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 44.3%, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6%
Similarly, the utility sub-sector recorded 0.5% inflation rate for February 2022.
Petroleum Price Index
The producer inflation rate in the petroleum subsector shot up to 44.3% in February 2022, from 35% in January 2022.
It was 13.7 percent in February 2021, but the rate increased to 31.0% in March 2021.
It fluctuated to record 25.3% in August 2021.
Subsequently, it increased continuously to record 58.4% in November 2021, but dropped to 35% in January 2022.
