Skip to main content

Producer Price Inflation hits 46% in August

 


THE Producer Price Inflation (PPI) rate for August 2022 shot up from the 41.2 per cent recorded in July 2022 to 46 per cent, the Ghana Statistical Service has announced.

This represents an increase of 4.8 percentage points.

The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.

It is also a major indicator of what the general price levels of goods and services within a period will be within the period.

The Government Statistician, Professor Samuel Kobina Annim, in announcing the new rate yesterday, said the August rate was driven largely by increases in the manufacturing sector which recorded the highest year-on-year producer price inflation rate of 61.7 per cent.

This was followed by the mining and quarrying sub-sector with 35.7 per cent.

The utility sub-sector recorded the lowest year-on-year producer inflation rate of 1.7 per cent.

PPI trends

In August 2021, the producer price inflation rate for all industry was 8.1 per cent and had increased continuously and consistently over the last 12 months to 46 per cent in August 2022.

Manufacturing sector

In August 2022, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 61.7 per cent.

Manufacture of soft drinks, refined petroleum products and nuclear fuel recorded the highest inflation rate of 170.3 per cent.

The manufacture of machinery and equipment recorded the least inflation rate of 3.7 per cent.

Petroleum Price Index

The producer inflation rate in the petroleum sub-sector was 25.3 per cent in August 2021.

After that, it increased continuously to 58.4 per cent in November 2021, but dropped to 36 per cent in January 2022.

Between February and August 2022, the rate increased consistently from 44.3 per cent to 170.3 per cent.

Side bar

- The producer price index PPI measures inflation from the perspective of costs to industry or producers of products.

- Because it measures price changes before they reach consumers, some people see it as an earlier predictor of inflation than the CPI.

- PPI data is segmented into three main areas of classification, with the core PPI, the most-watched.

- With these in mind, there is an indication that this month’s inflation rate will rise again.

 
 
Labels:

Comments

Post a Comment

Popular posts from this blog

UK-Ghana Trade & Investment Summit: Trade Resource Centre to help businesses maximise UK-Ghana trade opportunities

 In a significant boost to UK-Ghana trade and investment relations, the UK-Ghana Chamber of Commerce (UKGCC), in partnership with the UK-Ghana Jobs and Economic Transformation (JET) Programme, has launched the UK-Ghana Trade Resource Centre, a practical market-access platform designed to help businesses identify opportunities, navigate export requirements and build commercial partnerships between Ghana and the United Kingdom. The UK and Ghana enjoy strong trade relations, with total bilateral trade reaching approximately £1.6 billion in the year to Q1 2026. Yet, despite this progress, significant untapped opportunities remain for businesses in both countries. The Trade Resource Centre has been established to help bridge information gaps, connect businesses with the right partners, and support firms to take greater advantage of opportunities under the UK-Ghana Trade Partnership Agreement. The launch formed one of the major outcomes of the UK-Ghana Trade & Investment Summit 2026,...
Post a Comment
Read more

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

 NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...
Post a Comment
Read more

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican...
16 comments
Read more