Ghana’s Inflation hit 41.2%…Producer Price Inflation Rate in July 2022 rises by 2.5%
Ghana's Inflation hit 41.2%...Producer Price Inflation Rate in July 2022 rises by 2.5%
The year-on-year producer inflation for all industries stood at 41.2 percent in July 2022 with the month-on-month change in the producer price index between June 2022 and July 2022 of 1.9 percent.
This rate represents a 2.5 percentage points increase in producer inflation relative to the rate recorded in June 2022 (38.7%).
These were contained in the press statement released by the Ghana Statistical Service at a news conference held in Accra today, 17th August 2022.
The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 57.4 percent, followed by the Mining and Quarrying sub-sector with 23.9 percent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.3 percent.
According to the Government Statistician, Professor Samuel Kobina Annim “the manufacturing sub-sector recorded the highest monthly inflation rate of 3.1 percent, followed by the utility sub-sector with 0.1 percent. The mining and quarrying sub-sector recorded the least inflation of -1.3 percent in July 2022”.
Manufacturing Sector in July 2022
One out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 57.4 percent.
Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 146.5 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 subsector was 25.2 percent in July 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. Between February and July 2022 the rate increased consistently from 44.3 percent to 146.5 percent.
