Prof Samuel Annim
THE YEAR-on-year producer inflation for all industry was 12.8 percent in December 2021 while the monthly change rate was -0.2 percent.
Government Statistician, Prof Samuel Annim, who disclosed this to the media in Accra, said the Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 19.2 percent, followed by the Utility sub-sector with 0.2 percent.
The Mining and Quarrying sub-sector recorded the lowest year-on-year producer inflation rate of 0.1 percent.
The Utility sub-sector recorded no change in monthly inflation (0%), followed by the manufacturing sub-sector recorded a rate of -0.1 percent. Mining and quarrying recorded the least monthly inflation of -0.8 percent.
In December 2020, the producer price inflation rate for all industry was 7.0 percent. The rate increased continuously to 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 a record of 8.1 percent in August 2021.
The rate increased continuously to 13.6 percent in November 2021 but declined slightly to 12.8 percent in December 2021.
Manufacturing Sector
In December 2021, two out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 19.2 percent. Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 56.4 percent, while the Manufacture of motor vehicles, trailers, and semi-trailers recorded the least inflation rate of -3.5 percent (Fig. 2).
Petroleum Price Index
The producer inflation rate in the petroleum sub-sector was -4.0 percent in December 2020. The rate increased continuously to pick at 31.0 percent in March 2021 but declined to 23.9 percent in June 2021. The rate increased continuously to record 58.4 percent in November 2021. However, it dropped to 56.4 percent in December 2021.