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Business News Wed, 20 May 2020

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Petroleum records -15.3% Producer Price Inflation in April

The producer inflation rate in the petroleum subsector was 17.2 percent in April 2019. The rate declined continuously to record 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 constantly declined to record -15.3 percent in April 2020.

The Ghana Statistical Service GSS), said this on Wednesday May 20.

In the manufacturing Sector, the GSS said during April 2020, fifteen out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 0.5 percent.

Manufacture of machinery and equipment. recorded the highest inflation rate of 24.7 percent, while the Manufacture of coke, refined petroleum products and nuclear fuel recorded the least inflation rate of -15.3 percent.

The producer price inflation in the Mining and Quarrying sub-sector increased by 14.3 percentage points over the March 2020 rate of 23.7 percent to record 38.0 percent in April 2020.

The producer inflation for Manufacturing which constitutes more than two-thirds of the total industry decreased by 1.6 percentage points to record 0.5 percent. The utility sub-sector recorded an inflation rate of 12.1 percent for April 2020 indicating a decrease of 0.1 percentage point over the March 2020 rate of 12.2 percent.

In April 2019, the producer price inflation rate for all industry was 7.1 percent. The rate declined to 6.7 percent in May 2019. Since then, the rate increased consistently to record 10.2 percent in August 2019 but declined to 8.9 percent in October 2019.

The rate then increased again continuously to record 14.5 percent in January 2020 but declined to record 6.8 percent in March 2020. The rate increased again to record 7.4 percent in April 2020.

Regarding the national rate, the GSS said the Producer Price Inflation (PPI) rate for April 2020 was 7.4 percent

This rate indicates that between April 2019 and April 2020 (year-on-year), the PPI increased by 7.4 percent. This rate represents a 0.6 percentage point increase in producer inflation relative to the rate recorded in March 2020 (6.8%).

The month-on-month change in producer price index between March 2020 and April 2020 was 1.5 percent.

Source: laudbusiness.com

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