PPI for petroleum sub-sector records 42.2 %

The Producer Price Inflation (PPI) in the petroleum subsector was 42.2 percent in July 2018. The rate decreased to 31.1 percent in September 2018, the Ghana Statistical Service (GSS), has said.

However, the GSS said, the sector increased again to 36.1 percent in October 2018 but resumed a downward trend to record 3.8 percent in January 2019.

The rate increased consistently to record 17.2 percent in April 2019 but decreased to 1.2 percent in June 2019. However, in July 2019, the rate increased to record 2.1 percent, the GSS added.

In the Mining and Quarrying sub-sector, the GSS said the inflation increased by 5.2 percentage points over the June 2019 rate of 22.4 percent to record 27.6 percent in July 2019, the Ghana Statistical Service (GSS), has announced.

The GSS said also that the manufacturing sector of the Ghanaian economy recorded a year-on-year inflation rate of 5.4 percent in the month of July 2019

For all industry, the year-on-year producer inflation recorded 8.8 percent in July 2019; the monthly change rate was 1.9 percent.

A statement issued by the GSS on Wednesday, August 21, 2019, said: “During the month of July 2019, seven out of the sixteen major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 5.4 percent.

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

“The producer price inflation in the Mining and Quarrying sub-sector increased by 5.2 percentage points over the June 2019 rate of 22.4 percent to record 27.6 percent in July 2019. The producer inflation for Manufacturing which constitutes more than two-thirds of total industry increased by 0.1 percentage points to record 5.4 percent.

“The utilities sub-sector recorded inflation rate of 6.9 percent indicating an increase of 5.8 percentage point over the rate recorded in June 2019.”

It added: “The year-on-year producer inflation for all industry was 8.8 percent in July 2019; the monthly change rate was 1.9 percent.”

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.

“The producer inflation rate in the petroleum subsector was 42.2 percent in July 2018. The rate decreased to 31.1 percent in September 2018.

“However, it increased again to 36.1 percent in October 2018 but resumed a downward trend to record 3.8 percent in January 2019. The rate increased consistently to record 17.2 percent in April 2019 but decreased to 1.2 percent in June 2019. However, in July 2019, the rate increased to record 2.1 percent.”

Source: laudbusiness.com