capital markets

Industry inflation for Ghana inched up 0.6 percentage points to push all industry rate up to 7.7 percent during the month of June, relative to 7.1 percent rate a month earlier according to the Ghana Statistical Service (GSS) data released here on Wednesday.

The data showed that inflation rate for the manufacturing sector with the largest share in all industry increased 1.6 percentage points to record 10.2 percent inflation relative to the 8.6 percent revised figure for the previous month.(the provisional figure released last month put the manufacturing sector inflation at 8.4 percent).

Pricing of petroleum products which have been deregulated is largely controlled by the global crude price and the dollar-to-local currency exchange rate.

Ghana’s local cedi currency depreciated by about 6.0 percent over the past two months as high import volumes mounted demand pressure on the dollar.

“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 44.2 percent, while manufacturing of food products and beverages recorded the lowest producer price inflation rate of -1.9 percent,” Baah Wadieh, Acting Government Statistician disclosed. .

The Mining and Quarrying sector however decreased 3.1 percentage points to record an inflation rate of 5.8 percent in June relative to the 8.9 percent for May, while the Utilities sector remained unchanged, said the Acting Government Statistician. Enditem

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