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November 2020 producer price inflation rate at 8.8%

New figures released by the Ghana Statistical Service (GSS), indicate that the Producer Price Inflation rate for November 2020 was 8.8 percent.

This rate indicates that between November 2019 and November 2020 (year-on-year), the PPI increased by 8.8 percent. It also represents a 0.4 percentage point increase in producer inflation relative to the rate recorded in October 2020 which was 8.4%.

The month-on-month change in the producer price index between October 2020 and November 2020 was 0.6 percent. 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.

Explaining the trend in a statement, Government Statistician, Samuel Kobina Anim noted that, “In November 2019, the producer price inflation rate for all industry was 9.9 percent. The rate increased consistently to 14.5 percent in January 2020 but declined to 6.8 percent in March 2020. After that, the rate increased continuously to a record 9.5 percent in June 2020 but declined to 9.0 percent in August 2020.

The rate increased to a record 9.7 percent in September 2020 but declined to a record 8.4 percent in October 2020. In November 2020, the rate increased to record 8.8 percent”. He also stated that the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 38.0 percent, followed by the manufacturing sub-sector with 5.0 percent.

The utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.5 percent.

“The producer price inflation in the mining and quarrying sub-sector increased by 2.7 percentage points over the October 2020 rate of 35.3 percent to record 38.0 percent in November 2020.

 The producer inflation for manufacturing, which constitutes more than two-thirds of the total industry, decreased marginally by 0.1 percentage points to record 5.0 percent. The utility sub-sector increased marginally by 0.2 percentage points over the October 2020 rate of 0.3 percent to record 0.5 percent.”

“With respect to the monthly changes, the mining and quarrying sub-sector recorded the highest inflation rate of 2.0 percent, followed by manufacturing sub-sectors with 0.5 percent. The utility sub-sector recorded 0.2 percent.” “On the Petroleum Price Index, the petroleum sub-sector was -1.7 percent in November 2019.

 The rate increased consistently to record 20.6 percent in January 2020 but declined to record -15.4 percent in May 2020.”

“However, the rate increased continuously to record -0.3 percent in September 2020 and declined to record -4.8 percent in November 2020,” the statement added.

BY: Naa Anyema Collison

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