Fall in Producer Price Inflation continues; now 8.4%
The cost of raw materials used in the production of goods and services as measured by the Producer Price Inflation (PPI) fell to 8.4 percent in the month of July.
The decline in the PPI for the month of July marks a 1.7 percentage points decrease when compared to 10.1 percent PPI recorded for the month of June 2021.
The recorded 10.1 percent PPI for June also followed a decline in the rate by 1.7 percentage points from the May figure of 11.8 percent.
According to the Ghana Statistical Service (GSS), the month-on-month change in the PPI between June 2021 and July 2021 was 0.1 percent.
PPI for the three (3) major sub-sectors of industry – manufacturing, mining and quarrying, and utilities – all recorded declines on a year-on-year (YoY) basis.
PPI for the Mining and Quarrying sub-sector decreased by 7.3 percentage points over the June 2021 rate of 9.5 percent to record 2.2 percent in July 2021.
The Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, decreased by 0.8 percentage points to record 12.0 percent. Four out of the sixteen major groups in the manufacturing sub-sector, according to the GSS recorded inflation rates higher than the sector average of 12.0 percent.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 25.2 percent, while the Manufacture of electrical machinery and apparatus recorded the least inflation rate of 0.0 percent.
The utility sub-sector for the month of July recorded 0.1 percent inflation rate.
