The Producer Price Inflation (PPI) rate for March provisionally rose to 29.3 per cent from 21.4 per cent in March, the Ghana Statistical Service (GSS) has announced.
This represents a 7.9 per cent increase in producer inflation relative to the rate recorded in February 2022 and the month-on-month change in the producer price index between February 2022 and March 2022 was 6.8 per cent.
The Government Statistician, Professor Samuel K. Annim, who announced this in a statement issued by the GSS on the March PPI rate said manufacturing sector drove the March PPI rate, indicating that the Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 36.0 per cent.
He said the producer inflation for the Manufacturing subsector, which constitutes more than two-thirds of the total industry, increased by 7.2 percentage points to 36.0 percent.
“In March 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 36.0 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 67.4 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent,” Prof. Annim, said.
He said the March PPI rate for the mining and quarrying sector rose to 33.6 per cent from 13.8 per cent in February 22.
The Government Statistician indicated that the mining and quarrying sub-sector recorded the highest monthly inflation rate of 15.7 per cent.
Prof. Annim said the utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.1 percent and month-on-month inflation rate of 0.6 per cent.
The Government Statistician said the producer inflation rate in the petroleum sub-sector rose to 67.4 per cent in March.
In February this year, Prof. Annim said the producer inflation rate for the sub-sector stood at 44.3 per cent.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services and the PPI for Ghana reports the producer price indices with reference to September 2006, the base period.
BY KINGSLEY ASARE
