Mining records 34.4% inflation in October

Mining records 34.4% inflation in October

During the month October 2019, mining and quarrying sub-sectors recorded the highest inflation of 34.4 per cent, the Ghana statistical Service GSS) has announced.

This according to the GSS, was followed by the utilities sub-sector with 12.6 per cent.

The Manufacturing sub-sector recorded the least inflation of 3.1 per cent.

Deputy Government Statistician, David Kombat, at a press conference in Accra on Wednesday, November 20 said the Producer Price Inflation (PPI) for the month October 2019 was 8.8 per cent,

Mr Kombat said is 0.2 percentage points lower compared to the 9.1 per cent recorded in September 2019.

He explained that developments in the international market influenced the inflation rate for the mining and quarrying sectors.

“The world market prices can influence the price of gold; if the price of gold increases on the world market, producers equally adjust their prices irrespective of whether the cost of input has increased or not,” he said.

 

Source: laudbusiness.com

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