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Producer price inflation rate for January 2022 stands at 15.6%

Inflation

Producer price inflation rate for January 2022 stands at 15.6%

The Government Statistician, Prof. Samuel Kobina Annim has announced the Producer Price Inflation rate for January 2021 was 15.6 percent which indicates that between January 2021 and January 2022 (year-on-year), the PPI increased by 15.6 percent.

He said the rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in December 2021 which represents 14.7 percent.

“The month-on-month change in producer price index between December 2021 and
January 2022 was 4.0 percent”, he noted.

Prof. Annim explained that the PPI in the Mining and Quarrying sub-sector increased by 2.1 percentage points over the December 2021 rate of 0.1 percent to record 2.2 percent in January 2022 while the producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 0.8 points to record 22.9 percent.

He noted again that the utility sub-sector recorded 0.3 percent inflation rate for January 2022.

Trends

On trend analysis, he said, in January 2021, the producer price inflation rate for all industry was 8.7 percent which made the rate increased to record 13.0 percent in March 2020 but declined to 10.9 percent in April 2021.

“In May 2021, the rate increased to 11.8 percent but decreased continuously to record 8.1 percent in August 2021”, he said.

He however said, subsequently, the rate increased continuously record 15.6 percent in January 2022.

Manufacturing Sector

Prof. Annim added that, in January 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 22.9 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 35.0 percent, while the Manufacture of motor vehicles, trailers and semi-trailers recorded the least inflation rate of -2.9 percent.

Petroleum Price Index

He said, the producer inflation rate in the petroleum subsector was 4.4 percent in January 2021. The rate increased continuously to pick at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021.

He further said the rate increased continuously to record 58.4 percent in November 2021 but subsequently dropped continuously to 35.0 percent in January 2022.

Highlights

The year-on-year producer inflation for all industry was 15.6 percent in January 2022; the monthly change rate was 4.0 percent.

The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 22.9 percent, followed by the Mining and Quarrying
sub-sector with 2.2 percent.

The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.3 percent.

The manufacturing sub-sector recorded the highest monthly inflation rate of 5.3 percent followed by the mining and quarrying sub-sector recorded a rate of 2.2 percent. The utility sub-sector recorded the least inflation of 0.1 percent.

Source: africaneditors.com/
Eric Nii Sackey

Inflation

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