Ghana’s producer price index rose by less than one percent in July

desmond frimpong

August 23, 2018 10:13 AM

This represents a 0.5 percentage point increase. The producer price inflation measures the prices received by domestic producers for the production of their goods and services over a period of time.

Ghana’s producer price inflation for July increased from 7.7 percent in the previous month to 8.2 percent.

Speaking at a press conference to announce the figures, acting Government Statistician, Mr Baah Wadieh explained that the manufacturing sub-sector recorded the highest year-on-year producer price inflation.

“The figures also showed that during the month of July, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.4 percent,” he said.

He stated that the manufacturing of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 42.2 percent, while manufacturing of rubber and plastic products recorded the lowest producer price inflation rate of negative 1.7 percent.

Meanwhile in the petroleum sub-sector, the inflation rate was negative 2.7 percent in 2017.

Mr Wadieh pointed out that the rate then increased consistently to record 36.9 percent in October 2017 but declined to 27.7 percent in November 2017.

“The rate increased to 36.4 percent in December 2017 but declined consistently to record 15.9 percent in March 2018. Subsequently the rate increased again to record 44.2 percent in June 2018, but decreased to 42.2 percent in July 2018.” he said.

desmond frimpong