Producer Price Inflation rate hits 33.5% in May 2022

The Producer Price Inflation rate for May 2022 hit 33.5%, the Ghana Statistical Service has announced. This rate represents a 2.1 percentage point increase in producer inflation relative to the rate recorded in April 2022 (31.4%).

The month-on-month change in the producer price index between May 2022 and May 2022 was 3.6 percent.

According to figures from the GSS, the PPI in the Mining and Quarrying sub-sector decreased by 11.3 percentage points over the April 2022 rate of 35.2% to 23.9% in May 2022.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 6.1 percentage points to 45.0%.

The utility sub-sector recorded the lowest inflation rate of 1.1% for May 2022.

In terms on month-on-month inflation, the manufacturing sub-sector recorded the highest inflation rate of 6.4%, followed by the utility sub-sector which recorded no change. The mining and quarrying sub-sector recorded the least inflation of -4.6% in May 2022.

For manufacturing, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 45.0%.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 121.0%, while the Manufacture of machinery and equipment n.e.c. recorded no inflation rate.

The producer inflation rate in the petroleum subsector was however 121% in May 2022.

Source: JoyNews