September PPI is 8.8% – Ghana Statistical Service announces

The Ghana Statistical Service (GSS) has announced that the Producer Price Inflation rate for September 2021 was 8.8 per cent.

This rate indicates that between September 2020 and September 2021 (year-on-year), the PPI increased by 8.8 per cent.

This rate also represents a 0.7 percentage point increase in producer inflation relative to the rate recorded in August 2021 (8.1%).

The month-on-month change in producer price index between August 2021 and September 2021 was 0.9 percent.

The producer price inflation in the Mining and Quarrying sub-sector increased by 3.7 percentage points over the August 2021 rate of -3.2 percent to record 0.5 percent in September 2021.

The producer inflation for the Manufacturing subsector, which constitutes more than two-thirds of the total industry, increased by 0.2 percentage points to record 13.0 percent.

The utility subsector recorded 0.1 percent inflation rate for September 2021.

Trends

In September 2020, the producer price inflation rate for all industry was 9.7 percent. The rate declined consistently to record 7.0 percent in December 2020.

In March 2021, the rate increased to 13.0 percent, but declined to 10.9 percent in April 2021.

In May 2021, the rate increased to 11.8 percent but decreased continuously to record 8.1 percent in August 2021.

The rate increased to 8.8 percent in September 2021.

Manufacturing Sector

In September 2021, four out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 13.0 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 27.4 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 0.0 percent.

Petroleum Price Index

The producer inflation rate in the petroleum subsector was -0.3 percent in September 2020. The rate declined to record -5.0 percent in November 2020. Subsequently, the rate increased continuously to pick at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021. The rate increased continuously to record 27.4 percent in September 2021.