Producer Price Index rises to 5.6% in September

The year-on-year inflation from the Producer Price Index (PPI) for September 2018 has increased to 5.6 per cent.

The rate shows a 5.6 percentage point decrease in producer inflation relative to the rate recorded in August 2017.

The month-on-month change in the producer price index between August 2018 and September 2018 was 0.4 per cent, Mr Baah Wadieh, the Acting Government Statistician, announced this at a News conference in Accra on Wednesday.

Mr Wadieh said the inflation in the Mining and quarrying, sub-sector, declined by 1.5 percentage point over August 2018 rate of 1.9 per cent to record 0.4 per cent in September 2018.

Manufacturing, which constitutes more than two-thirds of total industry, fell 1.7 percentage points to record 8.3 per cent.

He said the utilities sub-sector in September 2018 recorded inflation of -0.2 percent in September 2018, indicating a same rate recorded in August 2018 and the producer inflation rate in the petroleum sub-sector has over time consistently increased and decreased since September 2017.

Subsequently, he said the rate consistently increased to record 44.2 per cent in June 2018 and decreased again to record 31.1 per cent in September 2018.

Mr Wadieh stated that the manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 8.3 per cent, followed by the mining and quarrying sub-sector with 0.4 per cent.

The utilities sub-sector recorded the lowest year-on-year producer inflation of -0.2 per cent.

Touching on the monthly changes, Mr Wadieh said the Mining and quarrying recorded the highest inflation rate of 1.5 per cent, while the manufacturing sub sector recorded 0.3 and Utilities had the lowest rate of 0.1 per cent.

Source: GNA