October records 8.4% Producer Inflation

The Producer Price Inflation (PPI) rate for October 2020 was 8.4 percent, the Ghana Statistical Service (GSS), has announced on Wednesday November 18.

This rate, according to the GSS, indicates that between October 2019 and October 2020 (year-on-year), the PPI increased by 8.4 percent.

This rate represents a 1.3 percentage point decrease in producer inflation relative to the rate recorded in September 2020 (9.7%).

The month-on-month change in producer price index between September 2020 and October 2020 was 0.3 percent.

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The producer price inflation in the Mining and Quarrying sub-sector increased by 3.5 percentage points over the September 2020 rate of 31.8 percent to record 35.3 percent in October 2020.

The producer inflation for Manufacturing, which constitutes more than two-thirds of the total industry, decreased by 1.1 percentage points to record 5.1 percent.

The utility sub-sector decreased by 5.4 percentage points over the September 2020 rate of 5.8 percent to record 0.4 percent.

In October 2019, the producer price inflation rate for all industry was 8.9 percent. 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 9.7 percent in September 2020 but declined to record 8.4 percent in October 2020.

By Laud Nartey|3news.com|Ghana