Ghana’s annual producer price inflation fell sharply to 10.6 per cent in July from 23.1 per cent the previous month.
The July’s figure which is provisional, according to the GSS represented a 12.5 per cent decrease of the figure recorded in June.
Announcing the July PPI figure at a news conference in Accra yesterday, the Government Statistician, Dr. Philomena Nyarko, attributed the decline in the producer inflation rate to the strength recorded by the cedi among its international peers.
She said the monthly change rate between the June and July PP was —1.1 per cent.
The Government Statistician said the manufacturing sub-sector recorded the highest year-on-year producer price inflation of 13.5, followed by the utilities sub-sector of 7.3 per cent.
“The mining and quarrying sub-sector recorded the lowest producer inflation rate of -18.3 percent,” she stated.
Dr Nyarko said the inflation rate for petroleum products decreased from -0.01 in June to -0.01 in July this year.
The Government Statistician attributed the decrease in the inflation rate of petroleum products to the decrease in ex-refinery prices of petroleum products and base drift effect.
By Kinsley Asare & Josephine Mintah