Producer Price Inflation for November drops by 1.2%

The Producer Price Inflation rate for November 2017 stood at 7.1%, indicating that, between November 2016 and November 2017 (year-on-year), the PPI increased by 7.1%. This rate represents a 1.2 percentage point decrease in producer inflation relative to the rate recorded in October 2017 (8.3%). 

The month-on-month change in producer price index between October 2017 and November 2017 was 0.1 percent.

Addressing the Journalists in Accra, the Acting Government Statistician, Baah Wadieh, said, The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 14.4%, followed by the Manufacturing sub-sector with 7.3 percent. 

He mentioned that, &the Utilities sub-sector recorded the lowest year-on-year producer intlation rate of 0.5 percent. With respect to the monthly changes, Manufacturing recorded the highest rate of 0.2%, followed by the Mining and quarrying sub-sector with 0.1%, the Utilities sub-sector recorded no change.

He noted that, &during the month of November 2017, five out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 7.3 percent. Coke, refined petroleum products recorded the highest inflation rate of 27.7 percent while manufacturing of food and of food products and beverage recorded the lowest producer price inflation rate of -1.6%.

&The producer inflation rate in the petroleum subsector was -0.2 percent in November 2016, the rate increased to -0.1 percent in December 2016. Compared to January 2017, the rate declined to -6.9 percent but increased consistently to 5.3 percent in March 2017. It declined to -1.2 percent in April 2017 and then to -4.5 percent in May 2017.

Subsequently, it increased consistently to record 36.9 percent in October 2017 but declined to 27.7 percent in November 2017, Mr. Wadieh disclosed.

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. The PPI for Ghana reports the producer price indices with reference to September 2006, the base period. 

This release shows the annual (year-on-year) and monthly producer inflation rates for all industry and three major sub-sectors of industry (Mining and Quarrying, Manufacturing and Utilities) for the last twelve months. The figures for the month of November 2017 are provisional, and are subject to revision when additional data become available. All other indicators are final.

Source: Francis Edzorna Mensah

Ghana News Online

The primary function of GhanaNewsOnline.com.gh is to gather, process and distribute news about Ghana and Africa to the World. To serve as a News Agency with the mandate to present complete, in-depth objective and impartial information, news, and features rooted in investigative journalism.

Leave a Reply

Your email address will not be published. Required fields are marked *