PPI for Ghana’s petroleum sector records -4.6% in October 2020

Ghana Statistical Service said inflation rate in the petroleum sub-sector was -5 Ghana Statistical Service said inflation rate in the petroleum sub-sector was -5

The Ghana Statistical Service (GSS) has said on Wednesday, November 18 that the producer inflation rate in the petroleum sub-sector was -5.7 percent in October 2019.

The rate increased consistently to record 20.6 percent in January 2020 but declined continuously to record -15.4 percent in May 2020.

However, the rate increased continuously to record -0.3 percent in September 2020 and declined to record -4.6 percent in October 2020

In the manufacturing Sector, the GSS said during October 2020, eight out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 5.1 percent.

"Manufacture of rubber and plastic products recorded the highest inflation rate of 16.5 percent, while the Manufacture of coke, refined petroleum products, and nuclear fuel recorded the least inflation rate of -4.6 percent," the GSS stressed.

"The year-on-year producer inflation for all industry was 8.4 percent in October 2020; the monthly change rate was 0.3 percent.

"The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 35.3 percent, followed by the manufacturing subsector with 5.1 percent. The Utility sub-sector recorded the lowest year-on-year producer inflation rate of 0.4 percent.

"For the monthly changes, the mining and quarrying sub-sector recorded the highest inflation rate of 1.7 percent, followed by manufacturing sub-sectors with 0.1 percent. The Utility sub-sector recorded no monthly inflation rate in October 2020."

Source: 3 News