Ex-Factory Price Inflation Hits 31.2%

The Producer Price Inflation rate for all industries recorded 31.2 percent for April 2022, the Ghana Statistical Service (GSS) has announced.

Government Statistician, Professor Samuel Kobina Annim, who released the new figures on Wednesday, May 18, said the rate represents a 1.9 percentage point increase in producer inflation relative to the rate recorded in March 2022 (29.3%).

“The month-on-month change in the producer price index between March 2022 and April 2022 was 1.1 percent,” he said.

He said producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 2.6 percentage points to 38.6 percent.

Prof. Annim indicated that the producer price inflation in the Mining and Quarrying sub-sector increased by 1.6 percentage points over the March 2022 rate of 33.6 percent to 35.2 percent in April 2022.

The Utility sub-sector recorded a 1.1 percent inflation rate for April 2022.

The producer price inflation rate for all industry for April 2021 was 10.9 percent. The rate increased to a record 11.8 percent but decreased continuously to record 8.1 percent in August 2021. Subsequently, it resumes an upward trend to record 31.2 percent in April 2022.

Also, two out of the 16 major groups in the manufacturing sub-sector in April 2022, recorded inflation rates higher than the sector average of 38.6 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 76.1 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent.

The producer inflation rate in the petroleum sub-sector for April 2021 was 28.0 percent. The rate fluctuated between May and August 2021.

Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022.
The rate resumed an upward trend to record 76.1 percent in April 2022.