Producer Price Inflation drops to 7 percent
The Producer Price Inflation (PPI) for August has reduced to 7.0 percent.
The rate indicates that between August 2017 and August 2018 the PPI decreased to 7.0 percent showing 1.2 percentage point drop.
The PPI measures the average change over time in the prices for the production of goods and services.
Addressing a press conference, acting Government Statistician Mr. Baah Wadieh attributed the drop to the prices of gold on the world market which affected the manufacturing subsector.
According to him, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.0 percent.
“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 41.6 percent, while Manufacture of other non-metallic mineral products recorded the lowest producer price inflation rate of negative 0.5%”. he said.
On the Petroleum Price Index, Mr. Wadieh stated that the producer inflation rate in the petroleum sub-sector was 23.2 percent in August 2017. Subsequently, it increased consistently to record 36.9 percent in October 2017 but declined to 27.7 percent in November 2017.
“Subsequently the rate consistently increased to record 44.2 percent in June 2018. The rate decreased to 42.2 percent in July 2018 and then to 41.6 percent in August 2018”, he said.