The Producer Price Inflation rate for August 2018 is 7.0 % according to Acting government statistician, Baah Awadieh.
He said the rate indicates that between August 2017 and August 2018 year-on-year, the producer price index (PPI) increased by 7.0%. This rate represents 1.2 % in producer inflation relative to the rate recorded in July 2018 8.2%. The month-on-month change in producer price index between July 2018 and August 2018 was -0.1%.
He added that the producer price inflation in the Mining and Quarrying sub-sector decreased by 5.6 % over the July 2018 rate of 7. % to record 1.9 % in August 2018.
The producer inflation for manufacturing which constitutes more than two-thirds of total industry decreased by 0.4 % to record 10.0 percent. The utility sub-sector recorded inflation of -0.2 % in August 2018 indicating no change in inflation.
In August 2017, the producer price inflation rate for all industry was 6.6 percent. The rate increased consistently to record 8.3 % in October 2017 but declined to 7.1 % in November 2017.
In December 2017, the rate increased to 8.7 % but decreased consistently to record 3.7 % in March 2018. It increased to 6.4 % in April 2018 and then to 7. % in May 2018. The rate increased again to record 7.7 % in June 2018. In July 2018, the rate increased further to record 8.2 % but declined to 7.0 percent in August 2018.
During the month of August 2018, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.0 %. Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 41.6 %, while Manufacture of other non-metallic mineral products recorded the lowest producer price inflation rate of -0.5%.
The producer inflation rate in the petroleum sub-sector was 23.2 % in August 2017. Subsequently, it increased consistently to record 36.9 % in October 2017 but declined to 27.7 % in November 2017.
The rate increased to 36.4 % in December 2017 but declined consistently to record 15.9 % in March 2018. Subsequently, the rate consistently increased to record 44.2 % in June 2018.
The rate decreased to 42.2 % in July 2018 and then to 41.6 % in August 2018.
The year-on-year producer inflation for all industry was 7.0 % in August 2018; the monthly change rate was -0.1 percent.
The Manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 10.0 %, followed by the Mining and Quarrying sub-sector with 1.9 %.
The utility sub-sector recorded the lowest year-on-year producer inflation of -0.2 %.
With respect to the monthly changes, Manufacturing recorded the highest inflation rate of 0.2 % followed by the utility sub-sector with 0.1 % The Mining and quarrying sub-sector recorded -1.4 %
Ghana | Atinkaonline.com