Producer Price Inflation jumps to 38.0 % in June – GSS reveals

The Ghana Statistical Service (GSS) has revealed that the year-on-year Producer Price Inflation (PPI) rate provisionally inched up to 38.0% in June from 33.3%.

This rate indicates that between June 2021 and June 2022 (year-on-year), the PPI increased by 38.0%.

The June rate represents a 4.7 percentage points increase in producer inflation relative to the rate recorded in May 2022 which stood at 33.3% and a month-on-month change in the producer price index between May 2022 and June 2022 was 4.6%.

Government Statistician, Professor Samuel K. Annim who announced this in Accra recently, said the hike in the PPI rate was influenced by the manufacturing sector.

He said the manufacturing sector recorded the highest PPI rate in June of 51.8%, above the national average of 38.0% and the highest monthly inflation rate of 6.8%.

“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 51.8 percent,” the Government Statistician, said.

The PPI rate for the manufacturing sector in May he indicated stood at 44.6%.

Prof Annim said the mining and quarrying sub-sector in June rose to 25.5% from 23.9% in May.

He said the mining and quarrying sub-sector recorded a monthly PPI rate of 0.1%.

“The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.2%,” Prof. Annim stressed.

The utility sub-sector recorded no change in PPI inflation rate in June 2022.

For the petroleum sub-sector, he said the PPI for the sub-sector increased to 135.9% in June from 44.3% in February.

Professor Annim disclosed that the PPI figure for June 2022 was provisional and was subject to revision when additional data become available, adding that all the other indicators were final.