Producer Price in July 2020 was 9.3% – GSS

The Ghana Statistical Service (GSS) has announced that the Producer Price Inflation (PPI) for July 2020 was 9.3 per cent.

According to the GSS, this rate indicates that between July 2019 and July 2020 (year-on-year), “the PPI increased by 9.3 percent. This rate represents a 0.2 percentage point decrease in producer inflation relative to the rate recorded in June 2020 (9.5%).

“The month-on-month change in producer price index between June 2020 and July 2020 was 1.7 per cent,” the Service stated on Wednesday, August 19.

The PPI in the Mining and Quarrying sub-sector increased by 3.0 percentage points over the June 2020 rate of 35.2 percent to record 38.2 percent in July 2020.

The producer inflation for Manufacturing, which constitutes more than two-thirds of the total industry, increased by 0.6 percentage points to record 4.4 percent.

The utility sub-sector recorded an inflation rate of 5.8 percent for July 2020 indicating a decreased of 6.2 percentage point over the June 2020 rate of 12.0 percent.

In July 2019, the producer price inflation rate for all industry was 8.8 percent. The rate increased to  10.2 percent in August 2019 but declined continuously to 8.9 percent in October 2019. The rate increased consistently to record 14.5 percent in January, 2020 but declined to record 6.8 percent in March, 2020.

Thereafter, the rate increased continuously to record 9.5 percent in June, 2020 but declined to 9.3 percent in July 2020.

By Laud Nartey|3news.com|Ghana