Mining, quarrying records 27.6% PPI for July 2019

Mining, quarrying records 27.6% PPI for July 2019

The Producer Price Inflation (PPI) in the Mining and Quarrying sub-sector increased by 5.2 percentage points over the June 2019 rate of 22.4 percent to record 27.6 percent in July 2019, the Ghana Statistical Service (GSS), has announced.

The GSS said also that the manufacturing sector of the Ghanaian economy recorded a year-on-year inflation rate of 5.4 percent in the month of July 2019

For all industry, the year-on-year producer inflation recorded 8.8 percent in July 2019; the monthly change rate was 1.9 percent.

A statement issued by the GSS on Wednesday, August 21, 2019, said: “During the month of July 2019, seven out of the sixteen major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 5.4 percent.

“Manufacture of machinery and equipment NEC recorded the highest inflation rate of 24.7 percent, while Tanning and dressing of leather recorded inflation rate of 0.0 percent.”

“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 percent to record 27.6 percent in July 2019. The producer inflation for Manufacturing which constitutes more than two-thirds of total industry increased by 0.1 percentage points to record 5.4 percent.”

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

It added: “The year-on-year producer inflation for all industry was 8.8 percent in July 2019; the monthly change rate was 1.9 percent.”

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.

The PPI for Ghana reports the producer price indices with reference to September 2006, the base period.

Source: laudbusiness.com

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