Producer Price Inflation rate hits 33.5% in May 2022

The Producer Price Inflation rate for May 2022 hit 33.5 per cent, the Ghana Statistical Service has announced. This rate represents a 2.1 percentage point increase in producer inflation relative to the rate recorded in April 2022 (31.4 per cent).

The month-on-month change in the producer price index between May 2022 and May 2022 was 3.6 percent.

According to figures from the GSS, the PPI in the Mining and Quarrying sub-sector decreased by 11.3 percentage points over the April 2022 rate of 35.2 per cent to 23.9 per cent  in May 2022.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 6.1 percentage points to 45.0 per cent.

The utility sub-sector recorded the lowest inflation rate of 1.1 per cent for May 2022.

In terms on month-on-month inflation, the manufacturing sub-sector recorded the highest inflation rate of 6.4 per cent, followed by the utility sub-sector which recorded no change. The mining and quarrying sub-sector recorded the least inflation of -4.6 per cent in May 2022.

For manufacturing, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 45.0 per cent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 121.0 per cent, while the manufacture of machinery and equipment n.e.c. recorded no inflation rate.

The producer inflation rate in the petroleum subsector was however 121 per cent in May 2022. –Myjoyonline.com

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