Prof. Samuel Kobina Annim – Government Statistician GSS
THE YEAR-on-year producer inflation for all industry was 9.3 per cent in July 2020 while the monthly change rate was 1.7 per cent.
The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 38.2 per cent, followed by the Utility sub-sector with 5.8 per cent. The Manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 4.4 per cent.
For the monthly changes, the Mining and Quarrying sub-sector recorded the highest inflation rate of 7.2 per cent, followed by the Manufacturing sub-sector with 0.8 per cent. The Utility sub-sector recorded no inflation rate in July 2020.
The Ghana Statistical Service (GSS), which made this known in its latest report, said in July 2019, the producer price inflation rate for all industry was 8.8 per cent. The rate increased to 10.2 per cent in August 2019 but declined continuously to 8.9 per cent in October 2019. The rate increased consistently to record 14.5 per cent in January 2020 but declined to record 6.8 per cent in March 2020. Thereafter, the rate increased continuously to record 9.5 per cent in June 2020 but declined to 9.3 per cent in July 2020.
The GSS said during July 2020, seven out of the 16 major groups in the Manufacturing sub-sector recorded inflation rates higher than the sector average of 4.4 per cent. The manufacture of rubber and plastic products recorded the highest inflation rate of 16.6 per cent, while the manufacture of coke, refined petroleum products and nuclear fuel recorded the least inflation rate of -4.0 per cent.
Petroleum Price Index
The producer inflation rate in the Petroleum sub-sector was 2.1 per cent in July 2019. The rate increased to 3.1 per cent in August 2019 but declined continuously to record -5.7 per cent in October 2019. Thereafter the rate increased consistently to record 20.6 per cent in January 2020 but declined continuously to record -15.4 per cent in May 2020. However, the rate increased to -4.5 per cent in June 2020 and then -4.0 per cent in July 2020.
BY Samuel Boadi