Ghana’s Producer price inflation for August hits 10.2%

The Producer Price Inflation (PPI) rate for August 2019 has reached double digits of 10.2%.

Ghana cedi

This means that between August 2018 and August 2019 (year-on-year), the PPI increased by a 1.4 percentage point. Meanwhile, the producer inflation recorded in July 2019 was 8.8%.

The month-on-month change in producer price index between July 2019 and August 2019 was 1.2 percent.

Addressing the media, the Government Statistician Prof Samuel Kobiba Annim of The Ghana Statistical Service (GSS) said that, “seven out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 5.8%.”

Manufacture of machinery and equipment n.e.c. recorded the highest inflation rate of 24.7%, while tanning and dressing of leather recorded inflation rate of 0.0 percent”.

“The rate decreased to 31.1% in September 2018, but increased to 36.1% in October 2018. It decreased to record 3.8% in January 2019, but rate increased consistently to record 17.2% in April 2019, but it however decreased again to 1.2% in June 2019. However, it increased consistently to 3.1% in August 2019.”

He added that the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 36.5%, followed by Utilities sub-sector with 6.9%.

The Manufacturing sub-sector recorded the lowest year-on-year producer inflation of 5.8%.

For 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 August 2019 are provisional, and are subject to revision when additional data become available. All other indicators are final. 

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Butita recalls life-changing phone call and secrecy involved in working for Netflix

Butita recalls life-changing phone call and secrecy involved in working for Netflix

Burna Boy gives a tour guide of his palatial home in Lagos

Burna Boy gives a tour guide of his palatial home in Lagos