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Business News of Thursday, 23 July 2020

Source: GNA

Producer Price Inflation for June hits 8.7 percent

Prof. Samuel Kobina Annim, Government Statistician Prof. Samuel Kobina Annim, Government Statistician

The Producer Price Inflation (PPI) rate for June was 8.7 percent compared to 8.4 percent recorded in May.

The month-on-month change in producer price index between May 2020 and June 2020 was 1.8 percent.

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 35.2 percent, followed by the utility sub-sector with 12.1 percent.

This was contained in a statement from the Ghana Statistical Service and copied to the Ghana News Agency in Accra on Wednesday.

Professor Samuel Kobina Annim, the Government Statistician, explained that the Manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 2.7 percent.

For the monthly changes, Prof Annim said the manufacturing sub-sector recorded the highest inflation rate of 2.3 percent, followed by mining and quarrying sub-sectors with 1.8 percent.

The Utility sub-sector recorded no inflation rate in June 2020.

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.