June inflation rises to 23.1%

•   Dr. Philomena Nyarko

• Dr. Philomena Nyarko

June producer price inflation rose from 18.8`percent the previous month to 23.1 per cent, influenced by changes in the extractive and manufacturing sectors, the Ghana Statistical Service, has said.

The mining and quarrying sub-sector recorded the highest year-on-year inflation rate of 30 per cent, followed by the manufacturing sub-sector with 21.9 per cent.

Dr. Philomena Nyarko, Government Statistician who disclosed this at a press conference in Accra yesterday said the utilities sub-sector recorded the lowest year-on-year inflation rate of 20.8 per cent.

“The monthly changes in the producer price index indicated that manufacturing recorded the highest inflation rate of 5.3 per cent, followed by the mining and quarrying sub-sector with 4.4 per cent. The utilities sub-sector recorded the lowest rate of 0.4 per cent,” she said.

Dr. Nyarko explained that the producer price inflation in the mining and quarrying sub-sector increased by 4.6 percentage points over the May rate of 25.4 per cent to record 30.0 per cent in June.

Additionally, the manufacturing industry which constitutes more than two-thirds of total industry increased by 5.2 percentage points to record 21.9 per cent in June.

Dr. Nyarko said the inflation rate in the utilities sub-sector in June indicated a marginal increase of 0.2 percentage point over the May rate of 20.6 per cent.

She said from June 2014, the producer price inflation began an upward trend and increased consistently over three months to record 48.6 per cent in August 2014.

“However, the rate consistently declined to record 19.2 per cent in March 2015. It inched up to record 19.5 per cent in April, 2015 and then declined to 18.8 per cent in May 2015. It however, increased again in June 2015 to record 23.1 per cent,” she noted.

By Joseph Edu Archison

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