The Producer Price Inflation (PPI) increased to 29.3% in March 2022, from the 21.4% recorded in February.
This represents an increase of 7.9% points.
The Government Statistician, Professor Samuel Kobina Annim, noted that the February PPI was driven by increases in the mining and quarrying, and the manufacturing sub-sectors. PPI in the mining and quarrying sub-sector increased by 19.8% points over the February 2022 rate of 13.8% to 33.6% in March 2022. The manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 7.2% points to 36%. The utility sub-sector recorded the lowest PPI rate of 1.1% for March 2022.
In March 2021, the producer price inflation rate for all industry was 13%. The rate decreased to a record 10.9% in April 2021 but increased to 11.8% in May 2021. The rate decreased continuously to a record 8.1% in August 2021. Subsequently, the rate resumes an upward trend to increase continuously to a record 29.3% in March 2022.
Manufacture of carbonated drinks, and refined petroleum products recorded the highest inflation rate of 67.4%. The publishing, printing and reproduction of recorded media posted the least inflation rate of 2.6%.
Petroleum Price Index
The producer inflation rate in the petroleum sub-sector was 31% in March 2021. The rate decreased to 28% in April 2021 and subsequently fluctuated to 25.3% in August 2021. Thereafter, it increased continuously to 58.4% in November 2021 but dropped to 35% in January 2022. In February 2022, the rate increased to 44.3% and inched up to 67.4% in March 2022.