Producer Price Inflation rises to 33.5 per cent in May

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Producer Price Inflation rises to 33.5 per cent in May
Producer Price Inflation rises to 33.5 per cent in May

Africa-Press – Ghana. Producer Price Inflation for May 2022 was 33.5 per cent, indicating a 2.1 percentage points increase in the rate recorded in April 31. 4 per cent. The monthly PPI between April 2022 and May 2022 was 3.6 percent.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 11.3 percentage points over the April 2022 rate of 35.2 percent to 23.9 percent in May 2022.

The producer inflation for the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 6.1 percentage points to 45.0 percent. One out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 45.0 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 121.0 percent, while the Manufacture of machinery and equipment recorded the least inflation rate of 0.0 percent.

The utility sub-sector recorded 1.1 percent inflation rate for May 2022. The producer inflation rate in the petroleum subsector jumped to 121.0 percent in May 2022.

The manufacturing sub-sector recorded the highest monthly inflation rate of 6.4 percent, followed by the utility sub-sector recorded no change. The mining and quarrying sub-sector recorded the least inflation of -4.6 percent in May 2022.

Source: www.gna.org.gh

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