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Business News for Thursday, October 22, 2020
Source: Business 24
2020-10-22
The inflation rate was caused by an inflation rate in the manufacturing subsector.
Producer inflation for September 2020 rose slightly to 9.6 percent, after falling to 9.0 percent in the previous month, new data from the Ghana Statistical Service (GSS) shows.
This represents a 0.6 percentage point drop in rates.
According to GSS, the marginal increase in the industry-wide inflation rate was due to the increase in the inflation rate in the manufacturing subsector.
“Manufacturing producer inflation, which constitutes more than two thirds of the total industry, increased by 1.9 percentage points to register 5.9 percent,” the Service indicated.
In the manufacturing sector, the manufacture of motor vehicles, trailers and semi-trailers registered the highest inflation rate of 16.6 percent, while the manufacture of coke, refined petroleum products and nuclear fuel registered the lowest inflation rate of – 0.3 percent.
The Producer Price Index (PPI) measures the average variation over time of the prices that national producers receive for the production of their goods and services.
Producer price inflation in the mining and quarrying subsector decreased 6.1 percentage points from the August 2020 rate of 37.9 percent to 31.8 percent in September 2020.
The public services subsector recorded the same inflation rate of 5.8 percent as the August 2020 rate.
Trends
In September 2019, the producer price inflation rate for the entire industry was 9.1 percent. The rate decreased to 8.9 percent in October 2019. The rate increased steadily to 14.5 percent in January 2020, but decreased to 6.8 percent in March 2020. After that, the rate increased continuously to a record 9.5 percent in June 2020 but decreased to 9.0 percent in August 2020. The rate increased to a record 9.6 percent in September 2020.
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