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 Prof. 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.
Latest Stories
-
Our activities haven’t impacted Ankobra River in anyway – Betterland Ghana
9 mins -
Full list of 42 companies seeking $335m tax waiver
24 mins -
ICC seeks arrest warrants for Netanyahu and top Hamas leaders
36 mins -
GPL: ‘I don’t understand what is wrong with the players’ – Hearts coach Ouattara
42 mins -
Indian High Commissioner to Ghana Manish Gupta embarks on extensive tour of Ghana’s Volta Region
42 mins -
China hits back at US and EU as trade rows deepen
1 hour -
South Africa’s top court bars Zuma from being lawmaker
1 hour -
War and popularity keep Zelensky in power despite term expiring
1 hour -
What next for Iran after President Raisi’s death?
1 hour -
Iran declares five days of mourning for president
2 hours -
Iñaki Williams wins the LaLiga EA Sports African MVP award
2 hours -
‘Stop threatening Taiwan’, its new president William Lai tells China
2 hours -
Michael Baidoo scores again but Elfsborg lose to GAIS
2 hours -
Sanlam and Allianz Life Insurance in Ghana receive final no objection from NIC to merge
2 hours -
Deadly Premix Explosion in Ngyiresia: Community reels from tragedy
3 hours