March Producer Inflation records 6.8%

The Producer Price Inflation rate for March 2020 was 6.8 percent, the Ghana Statistical Service (GSS), has said.

This rate indicates that between March 2019 and March 2020 (year-on-year), the PPI increased by 6.8 percent.

This rate represents a 3.7 percentage point decrease in producer inflation relative to the rate recorded in February 2020 (10.5%).

The month-on-month change in producer price index between February 2020 and March 2020 was -2.1 percent.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 2.4 percentage points over the February 2020 rate of 26.1 percent to record 23.7 percent in March 2020.

The producer inflation for Manufacturing which constitutes more than two-thirds of the total industry decreased by 4.7 percentage points to record 2.1 percent. The utility sub-sector recorded an inflation rate of 12.2 percent for March 2020 indicating a decrease of 0.1 percentage point over the February 2020 rate of 12.3 percent.

During March 2020, ten out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 2.1 percent. Manufacture of machinery and equipment n.e.c. recorded the highest inflation rate of 24.7 percent, while the Manufacture of coke, refined petroleum products and nuclear fuel recorded a deflation rate of -9.6 percent.

The producer inflation rate in the petroleum subsector was 13.0 percent in March 2019. In April 2019, the rate increased to record 17.2 percent but declined to 1.2 percent in June 2019. However, it increased to 3.1 percent in August 2019 but declined again to -5.7 percent in October 2019.

Thereafter the rate increased consistently to record 20.6 percent in January 2020, but declined consistently to record -9.6 percent in March 2020.