The Producer Price Inflation (PPI) rate for February 2020 was 11.8 per cent, representing a 2.7 percentage point decrease relative to the rate recorded in January 2020 of 14.5 per cent.
The month-on-month change in producer price index between January 2020 and February 2020 was negative 0.3 per cent.
The Government Statistician, Prof. Samuel Kobina Annim in message to the general public said the producer price inflation in the Mining and Quarrying sub-sector decreased by 6.1 percentage points over the January 2020 rate of 32.2 per cent to record 26.1 per cent in February 2020.
The announcement of latest PPI was made via a recorded
message instead of the usually press conference in line with the government’s directive
on public gathering.
According to the recorded message, the producer inflation
for Manufacturing which constitutes more than two-thirds of the total industry
decreased by 2.5 percentage points to record 8.7 per cent.
Again, it adds that the utility sub-sector recorded an
inflation rate of 12.3 per cent for February 2020 indicating a decrease of 0.3
percentage point over the January 2020 rate of 12.6 per cent.
Breakdown of Producer Price Inflation Figures
In February 2019, the producer price inflation rate for all
industry was 5.4 per cent. In April 2019, the rate increased to 7.1 per cent
but declined to 6.7 per cent in May 2019. Since then, the rate increased
consistently to record 10.2 per cent in August 2019 but declined to 8.9 per
cent in October 2019.
The rate then shot up again continuously to record 14.5 per
cent in January 2020 but decrease to record 11.8 per cent in February 2020.
Manufacture of machinery and equipment recorded the highest
inflation rate of 24.7 per cent, while the Manufacture of textiles recorded the
minimum inflation rate of 0.2 per cent.
The producer inflation rate in the petroleum subsector was
8.9 per cent in February 2019.
In April 2019, the rate increased consistently to record
17.2 per cent but declined to 1.2 per cent in June 2019.
However, it increased to 3.1 per cent in August 2019 but
declined again to a negative 5.7 per cent in October 2019.
Thereafter the rate increased consistently to record 20.6 per cent in January 2020 but declined to record 14.4 per cent in February 2020.
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