The Producer Price Index (PPI) which measures the average change over time in the prices received by domestic producers for production of their goods and service has marginally increased to 9.8% in October.
The rate indicates that between October 2015 and October 2016(year-on-year) the PPI increased by 9.8 percent.
This rate represents a 0.1 percentage point increase in producer inflation relative to the rate recorded in September 2016, that was 9.7 percent.
Speaking at the press conference in Accra, the Acting Government Statistician, Mr. Baah Wadieh explained that activities in the manufacturing sector contributed to the marginal increase.
“During the month of October 2016, ten out of the sixteen major groups in the in the manufacturing sub-sector recorded inflation rates higher that the sector average of 3.0 percent,” he said.
He explained that the manufacture of wood and of products of wood and cork recorded the highest inflation rate of 49.2 percent while manufacturing of coke , refined petroleum products and nuclear fuel recorded the lowest producer price inflation rate of -7.4 percent.
Touching on other areas, Mr. Wadieh stated that the utilities sub-sector recorded the highest year-on-year producer price inflation rate of 38.2 percent followed by the Mining and Quarrying sub-sector with 14.7 percent.
“With respect to the monthly changes, the manufacturing sub-sector recorded the highest rate of 0.9 percent while mining and quarrying sub-sector recorded the lowest rate of -3.9 percent.
–
By: Lawrence Segbefia/citibusinessnews.com/Ghana