Producer price index in Ghana was on the rise in 2021 ending the year at 12.8 percent.
According to the producer price index report by the Ghana statistical service, local producers have experienced change over time in the prices they received for the production of their goods and services.
According to the report, 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.
Of the three industries surveyed, inflation was highest in manufacturing at 20 percent in November and 19.2 percent in December, a 0.8 percent decline. Mining and quarrying come second recording 1.8 percent in November which fell drastically to 0.1 in December. Utilities saw the least inflation recoding no change at all through November and December at 0.2 percent.
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 basic metals was 20.1 percent. At the bottom of the inflation chart, the Manufacture of motor vehicles, trailers, and semi-trailers recorded the least inflation rate of -3.5 percent.
The producer inflation rate in 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.
Source: Ghana/Starrfm.com.gh/Ondiro Oganga