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Producer price inflation for March drops

The Producer Price Inflation rate for March this year stood at 6.8 per cent, the Ghana Statistical Service (GSS), has said. 

According to the GSS, the rate represented a 3.7 percentage point decrease in producer inflation relative to the rate recorded in February 2020 adding that the monthly change was -2.1 per cent. 

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.

 In a press statement signed and copied to the Ghanaian Times on Wednesday, it said the mining and quarrying sub-sector recorded the highest inflation rate of 23.7 per cent, followed by the utility sub-sector with 12.2 per cent. 

The statement also said that the manufacturing sub-sector recorded the lowest producer inflation rate of 2.1 per cent.

For the monthly changes, it said the utility sub-sector recorded no inflation rate, which was closely followed by mining and quarrying sub-sector with -0.3 per cent while the  manufacturing sub-sector recorded the lowest rate of -3.0 per cent.

The statement said 10 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 2.1per cent.  

It mentioned that manufacture of machinery and equipment recorded the highest inflation rate of 24.7 per cent, while the manufacture of coke, refined petroleum products and nuclear fuel recorded a deflation rate of -9.6 per cent.

It  also  said the  mining and quarrying sub- sector’s inflation  decreased by  2.4 percentage points  over last month’s  rate of 26.1 while manufacturing  sector which constituted  more than two-thirds  of the total  industry decreased  by 4.7  and the utility  sub sector   recorded  a dip  of 0.1 percentage point  over February’s  rate of 12.3 per cent.

BY TIMES REPORTER

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