Producer inflation falls

GHANA in October this year recorded a decrease in the year-on-year Producer Price Inflation rate, the Ghana Statistical Service (GSS), has announced.

The country in October recorded a PPI rate of 2.8, which is lower than the 4.8 per cent recorded in September 2015, and represents a two per cent decrease of the figure recorded in the previous month.

Deputy Government Statistician in charge of Operations, Mr. Anthony Amuzu, who announced this at a news conference in Accra yesterday, said the drop in the year-on-year PPI rate was influenced by the fall in inflation in the manufacturing sector especially the production of petroleum and local soft drinks.

“Manufacturing, which constitutes more than two-thirds of total industry decreased by 3.2 per cent points to record year-on-year producer inflation rate of 1.0 per cent,” he said.

Mr Amuzu said the inflation rate in the petroleum sub-sector decreased from 67 per cent in October last to negative 34.5 in October this year , saying the base drift effect and the decrease in the ex-refinery prices of petroleum products, accounted for that.

The Deputy Government Statistician in charge of operations disclosed that the mining and quarrying sub-sector recorded the highest year-on-year PPI rate of 8.7 per cent, followed by the utilities sub-sector with a rate of 5.3 per cent.

He explained that the continuous fall of the prices of gold on the international market influenced the high producer inflation in the mining and quarrying sub-sector.

“The utilities sub-sector recorded an inflation rate of 5.3 per cent in October 2015 indicating a decrease of 1.9 per cent points over the September 2015 rate of 7.2 per cent,” Mr. Amuzu said.

By Kingsley Asare

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