The year-on-year producer inflation for all industry was 7.6 percent in June 2019.
This rate indicates that between June 2018 and June 2019 (year-on-year), the PPI increased by 7.6 percent.
This rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in May 2019 (6.7%).
Theses figures were contained in the press statement released by the Ghana Statistical Service.
Addressing the media, the Deputy Government Statistician in charge of technical support, David Combat said:,“The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 22.4 percent, followed by manufacturing sub-sector with 6.1 percent…The Utilities sub-sector recorded the lowest year-on-year producer inf1z1tion of 1.2 percent”.
With respect to the monthly changes, Mining and quarrying recorded the highest inflation rate of 7.3 percent, followed by Manufacturing sub-sector with 1.5 percent.
The Utilities sub-sector recorded the lowest Inflation rate 0.1 percent to 7.6 percent in June 2019.
During the month of June 2019, eight out of the sixteen major groups in the manufacturing sub- sector recorded inflation rates higher than the Sector average of 6.1 percent.
According to him, “manufacture of machinery and equipment n.e.c. recorded the highest inflation rate of 23.5 percent, while Tanning and dressing of leather recorded inflation rate of 0.0 percent”.
The producer inflation rate in the petroleum subsector was 44.2 percent in June 2018.
Subsequently, the rate decreased to 31.1 percent in September 2018.
However, it increased again to 36.1 percent in October 2018. but resumed a diwnward trend to record 3.8 percent in January 2019.
The rate increased consistently to record 17.2 percent in April 2019 but in June 2019 the rate decreased to 4.2 percent.
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 intiation rates for all industry and three major subsectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months.
The figures for the month of June 2019 are provisional, and are subject to revision when additional data become available. All other indicators are final.
Story Edzorna Francis Mensah