Business

Ghana’s producer inflation up in January

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The year-on-year producer inflation for all industry stood at 13.3 percent in January 2020 with the monthly change rate of 0.5 percent.

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 32.2 percent, followed by Utilities sub-sector with 12.6 percent.

The Manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 9.6 percent.

Government Statistician, Professor Samuel K. Annim, announced on Wednesday, February 19, 2020, at a news conference in Accra.

“With respect to the monthly changes, mining and quarrying sub-sector recorded the highest inflation rate of 3.4 percent. The Manufacturing sub-sector recorded no change.”

“The utilities sub-sector recorded lowest rate of -0.1 percent.”

According to him, during the month of January 2020, five out of the sixteen major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 9.6 percent.

Manufacture of machinery and equipment recorded the highest inflation rate of 24.7 percent, while Manufacture of wood and of products of wood and cork recorded the least inflation rate of 0.8 percent.

“The producer inflation rate in the petroleum subsector was 3.8 percent in January 2019. Thereafter, the rate increased consistently to record 17.2 percent in April 2019, but declined to 1.2 percent in June 2019.”

“However, it increased to 3.1 percent in August 2019 but declined again to -5.7 percent in October 2019. Thereafter the rate increased consistently to record 13.0 percent in January 2020.”

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