December recorded the highest producer price inflation in 2019 due to fuel price hikes

The producer price inflation of December 2019 reached 13.0%.

Deputy Government Statistician, Araba Forson

This was contained in the latest figures released by the Ghana Statistical Service (GSS).

By this figure, it means that there was an increase of 1.5% as compared to the previous month, November.

This means that producers of goods and services with little control of prices will transfer the increase to their prices from January 2020 onward. The customers will, therefore, pay for goods and services at higher prices.

At a press conference to announce the PPI figures, Deputy Government Statistician, Araba Forson, attributed the increase to the increase in petroleum prices on the global market for the period under review.

“The increase in the manufacturing sub-sector inflation rate from 4.5 to 8.8 percent between November and December was as a result of the increasing rate in the manufacture of refined petroleum products and manufacturing of food products and beverages.”

“The increase in inflation rate for the manufacturing of food products and beverages as well as wood and wood products and cork was due to increases in the prices of dairy products and imported food as well as the depreciation of the cedi,” she added.

The mining and quarrying sector recorded the highest inflation rate of 33.7%.

The utilities followed with an inflation rate of 12.8%.

The manufacturing sub-sector comprising the production of food, machinery, textiles, among others saw the prices increasing by 8.8% which is the lowest.

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