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Producer inflation rises to 9.6% in September

Thu, 22 Oct 2020 Source: Business 24

Producer inflation for September 2020 inched upwards slightly to 9.6 percent, following a drop to 9.0 percent recorded in the previous month, new data from the Ghana Statistical Service (GSS) has shown.

This represent a 0.6 percentage points drop in the rates.

According to GSS, the marginal increase in all industry inflation rate was as a result of increase in inflation rate in the manufacturing sub-sector.

“The producer inflation for Manufacturing, which constitutes more than two-thirds of the total industry, increased by 1.9 percentage points to record 5.9 percent,” the Service indicated.

Under the manufacturing sector, the manufacture of motor vehicles, trailers and semi-trailers recorded the highest inflation rate of 16.6 percent, while the Manufacture of coke, refined petroleum products, and nuclear fuel recorded the least inflation rate of -0.3 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 producer price inflation in the Mining and Quarrying sub-sector decreased by 6.1 percentage points over the August 2020 rate of 37.9 percent to record 31.8 percent in September 2020.

The utility sub-sector recorded the same inflation rate of 5.8 percent as the rate for August 2020.

Trends

In September 2019, the producer price inflation rate for all industry was 9.1 percent. The rate declined to 8.9 percent in October 2019. The rate increased consistently to 14.5 percent in January 2020 but declined to 6.8 percent in March 2020. After that, the rate increased continuously to record 9.5 percent in June 2020 but declined to 9.0 percent in August 2020. The rate increased to record 9.6 percent in September 2020.

Source: Business 24

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