Petroleum recorded -5.4% PPI in June 2020

The producer inflation rate in the petroleum sub-sector was 1.2 percent in June 2019, the Ghana Statistical Service (GSS) has announced on Wednesday July 22.

The GSS said subsequently, the rate increased to record 3.1 percent in August 2019 but declined to -5.7 percent in October 2019.

Thereafter the rate increased consistently to record 20.6 percent in January 2020 but constantly declined to record -15.4 percent in May 2020. However, the rate increased again to record -5.4 percent in June 2020.

The producer price inflation in the Mining and Quarrying sub-sector decreased by 7.3 percentage points over the May 2020 rate of 42.5 percent to record 35.2 percent in June 2020.

The producer inflation for Manufacturing which constitutes more than two-thirds of the total industry increased by 1.6 percentage points to record 2.7 percent.

The utility sub-sector recorded an inflation rate of 12.1 percent for June 2020 indicating no change in producer inflation recorded in May 2020.

During June 2020, nine out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 2.7 percent.

Manufacture of food products and beverages recorded the highest inflation rate of 8.5 percent, while the Manufacture of coke, refined petroleum products and nuclear fuel recorded the least inflation rate of -4.5 percent.

The Producer Price Inflation rate for June 2020 was 8.7 percent.

This rate, according to the GSS, indicates that between June 2019 and June 2020 (year-on-year), the PPI increased by 8.7 percent.

This rate represents a 0.3 percentage point increase in producer inflation relative to the rate recorded in May 2020 (8.4%).

The month-on-month change in producer price index between May 2020 and June 2020 was 1.8 percent.