14 C
New York
Wednesday, September 28, 2022

Latest Posts

Ghana’s Producer Price Inflation Hits 41.2%

Ghana’s Producer Price Inflation Hits 41.2%

Government Statistician, Prof. Samuel Kobina Annim

Ghana’s Producer Price Inflation (PPI) Rate for the month of July 2022 is 41.2%, the Government Statistician, Prof. Samuel Kobina Annim, has announced.

He announced this to the media in Accra on Wednesday, August 17, 2022.

The Producer Price Index measures the
average change over time in the prices received by
domestic producers for the production of their
goods and services. The PPI for Ghana reports the
producer price indices with reference to September
2006, the base period.

According to Prof. Annim, “The PPI figure for July 2022 is provisional and is subject to revision when additional data
become available. All other indicators are final.”


He said the 41.2% indicates that between July
2021 and July 2022 (year-on-year), the PPI
increased by 41.2 percent.

He explained that “This rate represents a 2.5
percentage points increase in producer inflation
relative to the rate recorded in June 2022 (38.7%).
The month-on-month change in the producer price
index between June 2022 and July 2022 was 1.9
percent.

Trends


In July 2021, he recounted that the producer price inflation rate for all industry was 8.4 percent. The rate decreased to
8.1 percent in August 2021, but increased to 8.8
percent in September 2021.

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, according to the Government Statistician .


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 increased consistently from 44.3 percent to 146.5 percent, he added.

For advertising, media relations and music promotion,  check out the following:

Latest Posts

spot_img

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.