Prices Of Goods And Services Up By 4.6% In February – Ghana Statistical Service Reveals

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The Ghana Statistical Service has announced that prices of goods and services in Ghana have increased by 21.4% which indicates a rate of 4.6% increase in February 2022 compared to 16.8% recorded in January 2022.

Speaking at the ceremony to release the Producer Price Inflations on Wednesday march 16 2022, the government statistician, Prof Kobina Annim revealed that the 4.6% recorded is higher and added that the monthly producer inflation stands at 3.6%.

“Producer Price Inflation for the month of February 2022 was 21.4% percent, indicating that the rate is 4.6 percentage points higher than the rate recorded in January 2022 (16.8%). Monthly Producer Price Inflation between January 2022 and February 2022 was 3.9 percent” – Prof Samuel Kobina Annim said.

He added that “the Producer Price Index (PPI) measures the average change over time in the selling prices of goods and services as received by domestic producers. Sellers’ and purchasers’ prices may differ due to government subsidies, sales and excise taxes, and distribution costs. The rate of producer inflation is the relative change in PPI between periods”

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The PPI relates prices in a particular month to those of the base period, September 2006

The Ghana Statistical Service (GSS) is the National Statistical Office of Ghana, with a mission to lead the efficient production and management of quality official statistics based on international standards, using competent staff for evidence-based decision-making, in support of national development.