Producer inflation rises to 10.3% in July

Year on year industry inflation (PPI) for July rose to 10.3 per cent in July from 7.6 per cent recorded in June, a 2.7 percentage points higher on the back of rising gold prices.

That is, ex-factory prices of goods and services for all industry increased on average by 10.3 per cent in July 2016 relative to the price level recorded in July 2015.

Government Statistician, Dr Philomena Nyarko attributed the rise to the inflation in the Mining and Quarrying sector.

Month-on-month inflation between June and July stood at 0.9 per cent relative to 1.2 per cent for the previous period May to June.

Year-on year inflation in the Mining and Quarrying sector was 30. 4 per cent, an increase of 30.3 percentage points in July 2016 relative to the rate recorded in June 2016 (0.1 per cent).

Manufacturing was 1.0 per cent annual while Utilities sector recorded the highest was 36.6 per cent annual.

Source: GNA