Producer Price Inflation rises to 15.6% in January — GSS

The Producer Price Inflation rate rises to 15.6 per cent in January year on year, up from 14.7 per cent in December 2021, the Ghana Statistical Service (GSS) has announced.

Kasapreko bottling line

The rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in December.

The monthly change was 4 per cent.

“This literally means that on a year-on-year basis between January 2021 and January 2022 prices of goods and services went up by 15.6 per cent,” said Prof. Samuel Kobina Annim, Government Statistician at a press briefing.

The Producer Price Index (PPI) measures the average change over time in the selling prices of goods and services as received by domestic producers with reference to September 2006 as the base period.

At the sub-sector level on the year-on-year basis, Prof Annim said the Producer Price Inflation for the manufacturing sector was 22.9 per cent for January 2022 and “this was distantly followed by the mining and quarry sub sector with 2.2 per cent and the utility sub-sector recording 0.3 per cent.”

He indicated that two out of 16 major groups in manufacturing recorded inflation rates above the sector average of 22.9% in January 2022.

These included manufacture of coke, refined petroleum products and nuclear fuel with 35 per cent and manufacture of food products and beverages with 30.4 per cent.

The manufacture of motor vehicles, trailer and semi-trailer recorded a negative 2.9 per cent inflation rate.

He also explained that the producer inflation rate in the petroleum subsector dropped continuously to 35.0 percent in January 2022.

“It was 4.4 percent in January 2021. 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 58.4 percent in November 2021, subsequently,” he said.