Producer Price Inflation increased marginally

The Producer Price Inflation (PPI) for June 2018 inched up marginally to 7.7 per cent from 7.1 in May, Acting Government Statistician, Mr Baah Wadieh has announced.

The increase in the PPI, which measures the average change over time in the prices received by domestic producers for the production of their goods and services, he said, represented a year-on-year change of 0.6 and a monthly change rate of 1.2 per cent.

Mr Wadieh presenting the new provisional PPI figures for June at a news conference in Accra yesterday attributed the jump in the June 2018 PPI to the increase in the price inflation rate for the manufacturing sub-sector, which recorded the PPI of 10.2 per cent in June this year.

“The PPI for manufacturing which constitutes more than two-thirds of total industry increased by 1.6 per cent points to record 10.2 percent,” he said.

Mr Wadieh indicated that during the month of June this year, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates highe than the sector average of 10.2 per cent.

“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 44.2 per cent, while the manufacturing of food products and beverages recorded the lowest producer price inflation rate of -1.9 per cent,” he said.

With respect to the monthly changes, Mr Wadieh explained that manufacturing recorded the highest inflation rate of 1.6 per cent, followed by the mining and quarrying sub-sector which recorded 0.9 per cent and the utilities sub-sector recorded the lowest inflation rate of 0.1 per cent and pointed out that the PPI for the utilities sub-sector remained unchanged.

The Acting Government Statistician disclosed that the utilities sub-sector recorded the lowest year-on-year inflation rate of -0.4 per cent from the 0.1 recorded in May 2018,  while mining and quarrying sub-sector decreased by 3.1 percentage points over the May 2018 rate of 8.9 per cent to record 5.8 per cent in June 2018.

By Kingsley Asare & Grace Baah

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