Ghana’s Producer Price Index (PPI) for all industry for December 2019 has increased to 13.0 per cent, from 9.9 per cent recorded November last year, the Deputy Government Statistician, Araba Forson has stated.
Addressing a press conference in Accra yesterday, Mrs Forson said the rate represented a 3.1 percentage point increase relative to that which was recorded the previous month.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
She said the monthly change in the rate between November and December was 1.5 per cent.
Mrs Forson attributed the increase to the manufacturing sector explaining that it was due to the ex factory prices (prices that does not include any other charges such as delivery or subsequent taxes) and depreciation of the local currency.
The manufacturing sector which constituted more than two-thirds of the total industry, according to Mrs Forson had increased by 4.3 percentage points to record 8.8 per cent while the utilities sub-sector recorded a rate of 12.8 per cent indicating a slight increase of 0.2 per cent over the previous month.
The Mining and Quarry sub-sector, she said recorded a decrease of 0.2 percentage points over November’s rate of 33.9 per cent to record 33.7 per cent.
She indicated that five out of the 16 major groups in the manufacturing sub sector had recorded rates higher that the sector average of 8.8 per cent.
These were manufacture of machinery and equipment 24.7 per cent, manufacture of food products and beverages 14.7 per cent, motor vehicles, trailers and semi-trailers 12.3 per cent, non-metallic mineral products 10.3 per cent, and fabricated metal products 9.3 per cent.
“Meanwhile manufacture of wood and products of wood and cork recorded the lowest rate of 0.8 per cent which was closely followed by publishing, printing and reproduction of recorded media with 1.7 per cent,” she added.
With regards to the monthly changes for all sectors, Mrs Forson said the mining and quarrying sub- sector recorded the highest inflation rate of 2.8 per cent followed by the manufacturing sub-sector with 1.6 per cent while the utilities sector recorded the lowest rate of 0.1 per cent.
BY JEMIMA ESINAM KUATSINU