February producer price inflation rate surged to 21.4%

The year-on-year Producer Price Inflation (PPI) increased to 21.4 per cent in February from 16.8 per cent in January 2022, the Government Statistical Service (GSS) has said.

This represents an increase of 4.6 per cent and a month-on-month change rate of 3.9 per cent.

PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The Government Statistician, Professor Samuel K. Annim, who announced this in Accra yesterday, said the manufacturing sector drove the February PPI.

He said the manufacturing sub-sector, which constituted more than two-thirds of the total industry, recorded the highest year-on-year producer price inflation of 28.8 per cent, constituting an increase of 4.0 percentage points.

“In February 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 28.8 per cent.  Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation of 44.3 per cent, while the publishing, printing and reproduction of recorded media recorded the least inflation of 2.6 per cent,” Prof.Annim, said.

He said the producer price inflation for the mining and quarrying sub-sector rose to 13.8 per cent increased from 11.6 percent in January 2022, representing an increase rate of 2.2 per cent.

“The mining and quarrying sub-sector recorded the highest monthly inflation rate of 8.4 per cent followed by the manufacturing sub-sector which recorded a rate of 3.8 per cent,” Prof. Annim said.

He said the Utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.5 per cent.

On the petroleum sector, the Government Statistician recorded an inflation rate of 44.3 per cent from 35.0 per cent in January this year.

BY KINGSLEY ASARE

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