Prof Samuel Annim
THE PRODUCER price inflation rate for February 2022 was 21.4 percent.
This rate represents a 4.6 percentage point increase in producer inflation relative to the rate recorded in January 2022 (16.8%).
The month-on-month change in producer price index between January 2022 and February 2022 was 3.9 percent.
Prof Samuel Annim, Government Statistician, who disclosed this to journalists in Accra, said the producer price inflation in the Mining and Quarrying sub-sector increased by 11.6 percentage points over the January 2022 rate of 2.2 percent to record 13.8 percent in February 2022.
He said the producer inflation for the manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 4.0 percentage points to record 28.8 percent.
Also, he said the utility sub-sector recorded 0.5 percent inflation rate for February 2022.
In February 2021, the producer price inflation rate for all industry was 10.3 percent. The rate increased to record 13.0 percent in March 2021, 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. Subsequently, the rate increased continuously to record 21.4 percent in February 2022.
Manufacturing
In February 2022, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 28.8 percent. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 44.3 percent, while the Publishing, printing and reproduction of recorded media recorded the least inflation rate of 2.6 percent.
Petroleum
The producer inflation rate in the petroleum subsector was 13.7 percent in February 2021. The rate increased to pick at 31.0 percent in March 2021. The rate fluctuates to record 25.3 percent in August 2021. Subsequently, it increased continuously to record 58.4 percent in November 2021, but dropped to 35.0 percent in January 2022. In February 2022, the rate increased to 44.3 percent.
A business desk report