Ghana mining and quarrying sub-sector records highest year-on-year PPI rate for January 2017

Ghana’s mining and quarrying sub-sector recorded the highest Producer Price Inflation (PPI) rate of 18.6 per cent in January 2017, the Ghana Statistical Service has announced.

This is an increase over the December 2016 rate of 15.6 per cent.

This was followed by the manufacturing sub-sector with 2.4 per cent, while the utilities sub-sector recorded the lowest year-on-year producer inflation rate of -6.8 per cent, the Acting Government Statistician, Mr. Baah Wadieh explained at a press briefing organized by the Ghana Statistical Service.

The Producer Price Inflation rate for January 2017 was 3.1 per cent, he said.

This rate indicates that, between January 2016 and January 2017 (year-on-year), the PPI increased by 3.1 per cent, Mr. Wadieh said.

“This rate represents a 1.7 percentage point decrease in producer inflation relative to the rate recorded in December 2016, (4.8%),” he noted.

“The month-on-month change in the PPI between December 2016 and January 2017 was 2.1 per cent,” he added.

Additionally, the PPI in the mining and quarrying sub-sector increased by 3.0 percentage points over the December 2016 rate of 16.6 per cent to record 18.6 per cent in January 2017.

Mr Wadieh noted that the PPI for manufacturing, which constitutes more than two-thirds of total industry, decreased by 3.0 percentage points to record 2.4 per cent.

With regards to the manufacturing sector, he pointed out that thirteen out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 2.4 per cent in January 2016.

Also, the producer inflation rate in the petroleum sub-sector was 3.3 per cent  in January 2016 and in February 2016 it declined to 0.5 per cent but decreased further to record 2.9 percent in March 2016.

By Pamela Ofori-Boateng

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