The Producer Price Inflation (PPI) increased to 6.6 percent for the month of August.
The rate represents a 4.6 percentage points increase in producer inflation relative to that recorded in July which was 2.0 percent.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Speaking at a press conference in Accra, the Acting Government Statistician Mr. Baah Wadieh explained that the increase in the PPI was influenced by an increase in inflation rates both in the Mining and Quarrying subsector as well as Manufacturing.
“Now for the manufacturing subsector, we observe that inflation increased from 1.7% in July to 7.5% in August,” he said adding that “the producer inflation for the petroleum subsector increased from -2.7% in July 2017 to 23.2% in August 2017”.
Real Gross Domestic Product (GDP) for the second quarter of 2019 also recorded a significant growth of 9.0 percent (year on year) compared to 1.1 percent recorded for the second quarter of 2016.
This Mr. Baah Wadieh attributed to the growth in the mining and Quarrying sector under which oil and gas grew by 188%.
“It is because some of the repaired FPSO came into production and Sankofa and TEN also were all been produced from and this actually shot up the Gold rate for the mining and quarrying sector” he added.
Meanwhile, the Industry sector recorded the highest growth of 19.3 percent; Services Sector followed with 5.6 percent and Agriculture with 3.4 percent.
By: Anita Arthur/citibusinessnews.com/Ghana