Data released by the Ghana Statistical Service (GSS) shows that the overall Producer Price Index (PPI) for the period of March 2020 increased to 6.8 percent.
This implies a decrease in PPI by 3.7 percent compared to the rate recorded in February 2020 which was 10.5 percent.
Also, this indicates that between March 2019 and March 2020 (year-on-year), Ghana’s PPI increased by 6.8 percent.
The PPI is the average change over time in the prices quoted by domestic producers at the factory gate.
A statement issued by the GSS indicated that the Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 23.7 percent, followed by the utility sub-sector with 12.2 percent.
The Manufacturing sub-sector, however, recorded the lowest year-on-year producer index rate of 2.1 percent.
“During March 2020, ten out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 2.1 percent.
“Manufacture of machinery and equipment recorded the highest inflation rate of 24.7 percent, while the Manufacture of refined petroleum products and nuclear fuel recorded a deflation rate of -9.6 percent,” portions of the statement read.
In addition, the data suggests a decrease in the PPI for the Mining and Quarrying sub-sector by 2.4 percent in March 2020, as compared to the February 2020 rate of 26.1 percent.
The data also showed that the utility sub-sector declined by 0.1 percent when pegged against the February 2020 rate of 12.3percent to record an inflation rate of 12.2 percent for March 2020.
For the monthly changes, the utility sub-sector recorded no change in inflation rate. Mining and quarrying sub-sector recorded a negative growth of -0.3 percent.
Comparatively, the Manufacturing sub-sector recorded the lowest rate of -3.0 percent.