August Producer Price Inflation drops

 Mining and Quarrying sub-sector, which plum- meted from 7.6 in July to 1.9 per cent in August

Mining and Quarrying sub-sector, which plum- meted from 7.6 in July to 1.9 per cent in August

The Producer Price Inflation rate for the country year-on-year has dropped marginally from 8.2 in July to 7.0 per cent in August, the Ghana Statistical Service (GSS), has announced.

This represents a 1.2 percentage point decrease in the producer inflation and a monthly change rate of -0.1 per cent.

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.

Addressing a news conference on the August Producer Price Index (PPI) and inflation, Acting Government Statistician, Baah Wadieh said the drop in the Producer Price Inflation was influenced by the decrease in the Producer Price Inflation rate for the Mining and Quarrying sub-sector, which plummeted from 7.6 in July to 1.9 per cent in August, a change rate of 5.6 per cent.

Mr Wadieh said the producer price inflation figures for August were provisional and were subject to revision when additional data became available.

The Acting Government Statistician noted the producer inflation for the manufacturing sector which constituted more than two-thirds of total industry decreased by 0.4 points from 10.4 in July to record 10.0 in August.

He said the manufacture of non-metallic mineral products recorded the lowest producer price inflation rate of -0.5 per cent.

However, the Acting Government Statistician said three major groups in the manufacturing sector recorded inflation rates above the sector average of 10.0 per cent.

They are coke and refined petroleum products (41.6 per cent), basic metals (21.5 per cent) and textiles (14.1 per cent).

“The utilities sub-sector recorded inflation of -0.2 per cent August 2018 indicating no change in inflation,” Mr Wadieh said.

The Acting Government Statistician said the producer inflation rate for the petroleum sub-sector decreased from 42.2 per cent in July 2018 to 41.6 per cent in August, 2018.

By Kingsley Asare

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