Producer Price Inflation jumps to 8.8% in July

The Producer Price Inflation rate for July 2019 is 8.8 per cent, up 1.7 percentage points from 7.1 per cent recorded in June 2019, the Ghana Statistical Service has said.

The month-on-month change in producer price index between June 2019 and July 2019 was 1.9 per cent.

Mr David Kombat, Deputy Government Statistician, said the producer price inflation in the mining and quarrying sub-sector increased by 5.2 percentage points over the June 2019 rate of 22.4 per cent to a record 27.6 per cent.

Manufacturing, which constitutes more than two-thirds of total industry increased by 0.1 percentage points to record 5.4 per cent.

The utilities sub-sector recorded an inflation rate of 6.9 per cent indicating an increase of 5.8 percentage point over the rate recorded in June 2019.

During the month of July 2019, seven out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 5.4 per cent.

Manufacture of machinery and equipment recorded the highest inflation rate of 24.7 per cent, while tanning and dressing of leather recorded an inflation rate of 0.0 per cent.

Source: GNA