December producer price inflation highest in 2019 due to fuel price hikes
The rate of increase in the prices received by domestic producers of goods and services for December 2019 reached 13.0 percent.
This is according to latest figures released by the Ghana Statistical Service (GSS).
The figure represents a growth of 1.5 percent compared to the previous month, November.
By this, producers of goods and services with little control of prices are set to transfer the increase to their prices from January 2020 onward.
At a press conference to announce the PPI figures, Deputy Government Statistician, Araba Forson, explained that the rise was largely driven by increase in petroleum prices on the global market for the period under review.
“The increase in the manufacturing sub-sector inflation rate from 4.5 to 8.8 percent between November and December was as a result of the increasing rate in the manufacture of refined petroleum products and manufacturing of food products and beverages,” she said.
She further explained that, “the increase in inflation rate for the manufacturing of food products and beverages as well as wood and wood products and cork, was due to increases in the prices of dairy products and imported food as well as the depreciation of the cedi.”
A further analysis of the sub-sectors show that the mining and quarrying sector recorded the highest inflation rate of 33.7 percent.
This is followed by utilities such as water and electricity with prices increasing by 12.8 percent.
The manufacturing sub-sector comprising the production of food, machinery, textiles, among others saw the prices increasing by 8.8 percent which is the lowest.