The Producer Price Index (PPI) for April increased to 31.2 percent from 29.3 percent in March, according to the Ghana Statistical Service (GSS).
This represents a 1.9 percentage point increase and a 1.1% month-on-month change rate.
The Producer Price Index tracks the average change in prices paid to domestic producers for the production of their goods and services over time.
Professor Samuel KobinaAnnim, the Government Statistician, stated yesterday at a news conference in Accra that the increase in the PPI rate was influenced by the manufacturing sector, which recorded the highest year-on-year PPI.
He said producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 2.6 percentage points to 38.6 percent from 36.0 percent in March, adding that it was the highest monthly inflation rate of 1.6 percent.
“In April 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 38.6 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 76.1 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent,” Prof. Annim said.
The Government Statistician said the mining and quarrying sub-sector recorded PPI rate of 35.2 per cent in April from 33.6 in March, with a monthly producer inflation of 0.4 per cent.
“The producer price inflation in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the March 2022 rate of 33.6 percent to 35.2percent in April 2022,” he said.
Prof. Annim said the utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 per cent in April from 1.0 in March, adding that the sub-sector recorded no inflation in the month of April.
On the petroleum sub-sector, the Government Statistician, said the sector recorded PPI rate of 76.1 per cent.
‘In April 2021, the producer inflation rate in the petroleum sub-sector was 28.0 per cent. The rate then fluctuates between May and August 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. The rate resumed an upward trend to record 76.1 percent in April 2022,” he said.
BY KINGSLEY ASARE
