Ex-Factory Prices Inflation Hits 33.5%

Prof Samuel Annim, Govt Statistician

THE YEAR-on-year producer inflation for all industry was 33.5 percent in May 2022 representing a 2.1 percentage point increase relative to the 31.4% recorded in April 2022.

The monthly change rate 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.

Prof Samuel Annim, Government Statistician, who disclosed this to the media recently, said 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.

The utility sub-sector recorded 1.1 percent inflation rate for May 2022.

In May 2021, the producer price inflation rate for all industry was 11.8 percent. The rate decreased continuously to record 8.1 percent in August 2021 but increased to record 8.8 percent in September 2021. Subsequently, the rate resumes an upward trend and increase consistently to record 33.5 percent in May 2022.

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 n.e.c. recorded the least inflation rate of 0.0 percent.

The producer inflation rate in the petroleum sub-sector was 29.4 percent in May 2021. The rate decreased to 23.9 percent in June 2021 and increased to 25.3 percent in August 2021. Thereafter, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022.

In February 2022, the rate increased to 44.3 percent and jumped to 121.0 percent in May 2022.

A business desk report