Producer Price inflation for November inches up to 9.9 per cent

The Producer Price Inflation (PPI) for November inched up to 9.9 per cent from 8.9 per cent in October, the Ghana Statistical Service (GSS) has said.

This represents a 1.0 percentage point increase in the producer inflation relative to the rate recorded in October (8.9 percent), and a month-on-month change rate of 0.3 per cent.

The Government Statistician, Professor Samuel K. Annim who announced this at news conference in Accra yesterday, attributed the increase in the rate of the producer price inflation to the hike in the inflation rate of mining and quarrying.

He said mining and quarrying sub-sector recorded the highest year-on-year producer inflation rate of 33.9 per cent, a decline of 0.5 percentage points of the 34.4 percent recorded in October, 2019.

Prof Annim said the PPI rate for the manufacturing sector which constitutes more than two-thirds of total industry, increased by 1.4 percentage points to record 4.5 percent.

He said sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 4.5 percent.

“Manufacture of machinery and equipment n.e.c recorded the highest inflation rate of 24.7 percent, while Manufacture of coke, refined petroleum products and nuclear fuel recorded the least inflation rate of -1.7 per cent,” Prof Annim said.

The Government Statistician disclosed that the utilities sub-sector recorded inflation rate of 12.7 per cent for November, 2019, indicating a slight increase of 0.1 percentage points over the October 2019 rate of 12.6 per cent.

Touching on the petroleum sub-sector, Prof Annim said the producer inflation rate for the sector increased to -1.7 per cent from -5.7 per cent in October 2019.

He explained that the increase in the producer price inflation for the petroleum sector is as a result of the increase in the price of petroleum products.

By Kingsley Asare

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