Inflation from the producer perspective shot up to 41.2% in July 2022.
According to the Ghana Statistical Service, the rate represents a 2.5 percentage points increase in producer inflation relative to the rate recorded in June 2022 (38.7%).
The month-on-month change in the producer price index between June 2022 and July 2022 was however 1.9%.
The Producer Price Inflation in the Mining and Quarrying sub-sector decreased by 1.6 percentage points over the June 2022 rate of 25.5% to 23.9% in July 2022.
The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of total industry, increased by 4.5 percentage points to 57.4%.
The utility sub-sector however recorded 1.3% inflation rate for July 2022.
In July 2022, one out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 57.4%.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 146.5%, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent.
Petroleum Price Index
The producer inflation rate in the petroleum subsector was 25.2% in July 2021.
Thereafter, it increased continuously to 58.4% in November 2021, but dropped to 36.0% in January 2022.
Between February and July, 2022 the rate increased consistently from 44.3% to 146.5%.
Ghana | Atinkaonline.com