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Home BUSINESS Producer inflation rises to 9.6% for the month of September

Producer inflation rises to 9.6% for the month of September

Producer inflation for September 2020  went upwards a bit to 9.6 percent, it dropped to 9.0 percent recorded in the previous month according to the Ghana Statistical Service (GSS) new data.

The rate represents a 0.6 percentage point increase in producer inflation relative to the rate recorded in August 2020.

The Ghana Statistical Service revealed that the marginal increase in all industry inflation rates was as a result of increase in inflation rate in the manufacturing sub-sector.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 6.1 percentage points over the August 2020 rate of 37.9 percent to record 31.8 percent in September 2020.

“The producer inflation for Manufacturing, which constitutes more than two-thirds of the total industry, increased by 1.9 percentage points to record 5.9 percent,” they said

Under the manufacturing sector, the manufacture of motor vehicles, trailers and semi-trailers recorded the highest inflation rate of 16.6 percent, while the Manufacture of coke, refined petroleum products, and nuclear fuel recorded the least inflation rate of -0.3 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 producer price inflation in the Mining and Quarrying sub-sector decreased by 6.1 percentage points over the August 2020 rate of 37.9 percent to record 31.8 percent in September 2020.

The utility sub-sector recorded the same inflation rate of 5.8 percent as the rate for August 2020.

Talksafrica.com

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