Producer inflation rises to 9.8 per cent in October

The country’s producer price inflation (PPI) rose marginally to 9.8 per cent year-on-year in October from 9.7 per cent in September, the Ghana Statistical Service (GSS) has announced.

The October figure represents a 0.1 percentage point increase over the figure recorded in the previous month.

Addressing a news conference in Accra yesterday, acting Government Statistician, Baah Wadie said the marginal rise was influenced mainly by the increases in the price of petroleum and chemical products.

According to the acting Government Statistician, year-on-year producer inflation for utilities remained unchanged at 38.2 per cent in October compared with the month before.

Mining and quarrying fell to 14.7 per cent from 22.2 per cent, while the manufacturing subsector increased to 3.0 per cent from 1.3 per cent.

The monthly change for October was -0.4 per cent, Mr. Wadieh said.

He said the manufacturing sub-sector recorded the highest rate of inflation of 0.9 per cent, with respect to the monthly changes, while mining and quarrying sub-sector recorded the lowest rate of -3.9 per cent.

In the petroleum sub-sector, he said: “In June 2016, the rate decreased to record -4.7 per cent and then to -19.3 per cent in July 2016, but increased to -16.3 per cent in August 2016, and further to -14.8 per cent in September 2016, but it increased to -7.4 per cent in October.”

Mr. Wadie, however said the figure for the October PPI was provisional and would be revised when more data was gathered.

The Bank of Ghana On Monday cut its monetary policy rate by 50 basis points to 25.5 per cent, the first in five years, on a positive outlook for inflation and the need to boost growth.

Meanwhile, the consumer price inflation stood at 15.8 per cent in October, down from 17.2 per cent the previous month.

 

By Kingsley Asare

 

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