Wpid Economy
Increasing Inflation Makes Borrowing Becomes More Costly

Ghana’s industry inflation declined by 0.2 percentage points in July, to record an annual inflation rate of 9.3 percent, down from the 9.5 percent recorded in the previous month, the Ghana Statistical Service has said.

The decline was partly due to the 6.2 percentage point decrease recorded by the Utilities sub-sector with a 5.8 percent year-on-year inflation rate, compared with the 12 percent year-on-year inflation rate recorded in June.

Industry inflation measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The Mining and Quarrying sub-sector, however, recorded a 3.0 percentage points increase in the PPI to record a year-on-year inflation rate of 38.2 percent, up from 35.2 percent year-on-year inflation rate recorded in June.

The manufacturing sub-sector, which constitutes more than two-thirds of the total industry, increased by 0.6 percentage points to record a year-on-year inflation rate of 4.4 during the month under review.

The industry inflation rate in Ghana, a leading African gold producer, is influenced by the price of gold on the global market. Enditem

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