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January Producer Price Inflation drops

Ghana’s Producer Price Inflation (PPI) fell to 3.4 per cent year-on-year in January from 4.4 per cent the previous month, the Ghana Statistical Service has said.

According to the Statistical Service, the drop was influenced by a fall in the producer price inflation rate for the manufacturing sector.

The drop represents a 1.0 percentage point decrease in the producer inflation relative to the 4.4 per cent recorded in December last year, while the  month-on-month change in the Producer Price Index between December 2018 and January 2019 was 0.3 per cent.

The acting Government Statistician, David Kombat, who announced this in Accra yesterday, said the new rate was provisional and would be revised when more data was gathered.

He said the producer inflation for mining and quarrying sub sector recorded 8.9 per cent followed by the manufacturing sector with 3.0 per cent while the utilities sub sector recorded the lowest year on year inflation of -0.1 per cent.

He said five out of the major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.4 per cent.

They are the manufacturing of basic metals (16.8per cent), manufacturing of motor vehicles, trailers and semi-trailers (4.7), manufacture of  textiles(4.6), manufacture of furniture ( 4.3per cent) and manufacture of coke and refined petroleum products(3.8 per cent).

He stated that three of the major groups recorded zero rates and they were manufacture of wood and products of wood, manufacture of machinery and equipment and tanning and dressing of leather.

 On the petroleum sub-sector, Mr Kombat, said the inflation rate for the sector decreased from 29.0 per cent in December 2018 to 15.9 per cent in January 2019

The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services. The PPI for Ghana reports the price indices with reference to September 2006, the base period.

BY JEMIMA ESINAM KUATSINU

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