Thursday, December 8 2022

Year-on-year producer price inflation (PPI) rose from 16.8% in January 2022 to 21.4% in February, the Government Statistical Service (GSS) said.

This represents an increase of 4.6% and a month-over-month rate of change of 3.9%.

The 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 it yesterday in Accra, said the manufacturing sector was behind February’s PPI.

He said the manufacturing subsector, which accounted for more than two-thirds of total industry, recorded the highest year-on-year producer price inflation of 28.8%, an increase of 4.0 points. percentage.

“In February 2022, two of the 16 major groups in the manufacturing subsector recorded inflation rates above the sector average of 28.8 percent. The manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation of 44.3 percent, while publishing, printing and reproduction of recorded media recorded the lowest inflation of 2.6 percent,” Prof. Annim said.

He said producer price inflation for the mining and quarrying sub-sector rose to 13.8% from 11.6% in January 2022, a rate of increase of 2.2%.

“The mining and quarrying subsector recorded the highest monthly inflation rate of 8.4%, followed by the manufacturing subsector which recorded a rate of 3.8%,” Professor Annim said.

He said the utilities subsector had the lowest year-over-year producer inflation rate at 0.5%.

Regarding the oil sector, the government statistician recorded an inflation rate of 44.3% compared to 35.0% in January this year.

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