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PRODUCER PRICE INFLATION FOR JUNE PEG AT 7.6%

Data released by Ghana Statistical Service [GSS] indicates that the Producer Price Inflation [PPI] rate for June 2016 was 7.6%, an indication that between June 2015 and June, the PPI increased by 7.6%.

The PPI rate according to Ms. Philomena Nyarko, the Government Statistician represents a 3.7% point decrease in producer inflation relative to the rate recorded in May 2016[11.0%].

She told Journalists at a news conference in Accra that month-on-month change in producer price index between May and June 2016 was 1.2%. The producer price inflation in the mining and quarrying sub-sector, according to Ms. Nyarko increased by 1.5% points over the May 2016 rate of -1.4% to record 0.1% in June 2016.

The producer inflation for manufacturing which constitutes more than two-thirds of total industry, the Government Statistician said decreased by 5.1% points to record 3.7%. The utilities sub-sector, Ms. Nyarko noted recorded an inflation rate of 36.5% in June 2016 indicating a slight decrease of 0.5% point over the May 2015 rate of 37.0%.

The year-on-year inflation in ex-factory prices of goods and services, she said stood at 11.0% for June 2016. The rate recorded in June 2015 according to the Government Statistician was 23.1%. This, she said then declined consistently to 10.2% in July 2015 and to 2.9% in October 2015.

 Ms. Nyarko said it rose again to record 11.0% in December 2015. In January 2016, the Government Statistician explained that the rate increased to record 16.3% but declined to 14.5% in February 2016.

The rate, according to her continued its downward trend in March 2016 to record 14.3% and 11.2% in April 2016,adding that in May 2016, it dropped further to 11.0% and then 7.6% in June 2016.

With regard to the manufacturing sector, Ms. Nyarko said during the month of June 2016, nine out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.7%. Tanning and dressing of leather, she said recorded the highest inflation rate of 39.4% while manufacturing of motor vehicles, trailers and semi-trailers recorded the lowest producer price inflation rate of -7.3%.

Source: Adovor Nutifafa

dovor100@gmail.com 

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