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Business News of Sunday, 25 October 2020

Source: Ghanaian Times

September producer inflation increases to 9.6 percent

Ghana’s Producer Price Index (PPI) for September 2020 has increased to 9.6 percent from 9.0 recorded in the previous month, the Ghana Statistical Service has said.

This, according to the Service represented a 0. 6 percentage points increase in producer inflation relative to the rate recorded in August this year.

The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The Government Statistician, Prof. Samuel Annim who announced this at a press conference in Accra on Wednesday said the monthly change in PPI between August and September 2020 was 0.1 percent.

For the Mining and quarrying sub-sector, he said its PPI decreased by 6.1 percentage points over August 2020 rate was 37. 9 percent to record 31.8 percent in September 2020.

He said the manufacture of coke, refined petroleum products and nuclear fuel recorded the least rate of -0.3 percent in the manufacturing sector.

According to Prof. Annim, monthly changes in the mining and quarrying sub-sector recorded the highest rate of 5.2 percent while that of the manufacturing sub sector had a rate of 0.2 percent.

The utility sub sector, he said recorded no monthly rate change.

The Government Statistician said the manufacturing sector increased by 1.9 percentage points to record 5.9 percent with the utility sector recording the same rate of 5.8 percent recorded in August for September.

Prof. Annim stated that seven out of 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 5.9 percent.

The groups were manufacture of motor vehicles, trailers and semi-trailers 16.6 percent, rubber and plastic products 16.5 percent, other non-metallic mineral products 11.1 percent, food products and beverages 8.9 percent, furniture 7.3 percent, publishing, printing and reproduction or recorded media 6.8 percent and textiles 6.3 percent.