Ghana Producer Price Inflation for June stands at 23.1%

The Producer Price Inflation (PPI) rate for June 2015 increased to 23.1 percent indicating that from June 2014- June 2015, the PPI increased by 23.1 per cent.

The figure represents a 4. 3 percentage point increase in producer inflation relative to the rate recorded in May 2015 which was 18.8 per cent.

This means that the month on month change in producer price index from May – June 2015 was 4.3 per cent.

This was disclosed by Dr Mrs Philomena Nyarko, Government Statistician, when she announced the June Producer Price Index compiled by the Ghana Statistical Service.

She cited the mining and quarrying sub sector as recording the highest year-on –year producer price inflation rate of 3.0 per cent, followed by the manufacturing sub sector with 21.9 per cent.

“The utilities sub sector recorded the lowest year-on-year inflation rate of 20.8 per cent,” she said.

Dr Nyarko said although the cedi had started appreciating against the dollar, it would be reflected in the PPI which would be released for July.

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

The PPI for Ghana reports the producer prices indices with reference to September 2006, which is cited as the base period.

The release shows the producer price change since October 2006, as well as the annual (year-on-year) and monthly inflation rates for all industry and three major sub-sectors if industry which comprise mining and quarrying, manufacturing, and utilities.

Source: GNA