The Producer Price Inflation rate hit 29.3% in March 2022.
This rate represents a 7.9 percentage point increase in producer inflation relative to the rate recorded in February 2022 (21.4%).
According to the Ghana Statistical Service, the month-on-month change in the producer price index (PPI) between February 2022 and March 2022 was 6.8 percent.
The producer price inflation in the Mining and Quarrying sub-sector increased by 19.8 percentage points over the February 2022 rate of 13.8% to 33.6% in March 2022.
The producer inflation for the Manufacturing subsector, which constitutes more than two-thirds of the total industry, however, increased by 7.2 percentage points to 36.0%.
In March 2022, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 36.0%.
Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 67.4%, while the Publishing, printing, and reproduction of recorded media recorded the least inflation rate of 2.6%.
On the other hand, the utility sub-sector recorded a 1.1% inflation rate for March 2022.
Petroleum Price Index
The producer inflation rate in the petroleum subsector was 31.0% in March 2021.
The rate decreased to 28.0% in April 2021 and subsequently fluctuates to 25.3% in August 2021. Thereafter, it increased continuously to 58.4% in November 2021 but dropped to 35.0% in January 2022. In February 2022 the rate increased to 44.3% and inched up to 67.4% in March 2022.