The Producer Price Inflation (PPI) rate for August 2019 has reached double digits of 10.2 percent.
This rate indicates that between August 2018 and August 2019 (year-on-year), the PPI increased by 10.2 percent, representing a 1.4 percentage point increase in producer inflation relative to the rate recorded in July 2019 (8.8%).
The month-on-month change in producer price index between July 2019 and August 2019 was 1.2 percent.
At the news conference, The Government Statistician professor
Samuel Kobiba Annim
of The Ghana Statistical Service (GSS) noted that, “seven out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 5.8 percent.
Manufacture of machinery and equipment n.e.c. recorded the highest inflation rate of 24.7 percent, while Tanning and dressing of leather recorded inflation rate of 0.0 percent”.
According to him, the producer inflation rate in the petroleum sub-sector was 41.6 percent in August 2018.
“The rate decreased to 31.1 percent in September 2018, but increased to 36.1 percent in October 2018. It decreased to record 3.8 percent in January 2019, but rate increased consistently to record 17.2 percent in April 2019, but it however decreased again to 1.2 percent in June 2019. However, it increased consistently to 3.1 percent in August 2019”.
He said the Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 36.5 percent, followed by Utilities sub-sector with 6.9 percent.
The Manufacturing sub-sector recorded the lowest year-on-year producer inflation of 5.8 percent.
With respect to the monthly changes, Mining and quarrying recorded the highest inflation rate of 5.5 percent, followed by manufacturing sub-sector with 0.6 percent.
The Utilities sub-sector recorded no inflation rate.
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.
The PPI for Ghana reports the producer price indices with reference to September 2006, the base period.
This release shows the annual (year-on-year) and monthly producer inflation rates for all industry and three major sub-sectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months.
The figures for the month of August 2019 are provisional, and are subject to revision when additional data become available. All other indicators are final.
Story filed by Edzorna Francis Mensah