The Ghana Statistical Service (GSS) has revealed that as of June 2022, the average cost of inputs received by domestic producers for the production of goods and services increased by 38 percent.
Per the Service’s latest report, this represents a 4.7 percent increase in Producer Price Inflation (PPI) relative to the 33.3 percent recorded in May.
The PPI in the Mining and Quarrying sub-sector increased by 1.6 percent to 25.5 percent in June 2022.
In May 2022, the sub-sector recorded a rate of 23.9 percent.
The producer inflation for the Manufacturing sub-sector, constituting more than two-thirds of the total industry, increased by 7.2 percentage points to 51.8 percent.
Manufacturing Sector
In June 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 51.8 percent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 135.9 percent, while the Manufacture of machinery and equipment n.e.c. recorded the least inflation rate of 0.0 percent.
Petroleum Price Index
The producer inflation rate in the petroleum subsector was 23.9 percent in June 2021. The rate increased to 25.2 percent in July 2021.
Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. In February 2022 the rate increased to 44.3 percent and jumped to 135.9 percent in June 2022.
