Producer inflation rate records a marginal decrease

The country’s Producer Price Inflation (PPI) for January this year was 3.4 per cent. This means that the cost incurred at various factories and organisation of finished goods and services went down by1.0 per cent as compared to the 4.4 per cent.


According to the Acting Government Statistician, Mr. David Kombat, this rate of inflation for January 2019 is the percentage change in the PPI over the twelve month period, from January 2018 to January 2019.


Briefing the media in Accra, Mr. Kombat said the PPI for the mining and quarrying subsector increased by 0.4 percentage point over the December last year’s rate of 8.5 percent to record 8.9 percent in January 2019.


Also, the manufacturing sector, which constitutes more than two-thirds of total industry, decreased by 1.5 percentage points to record 3.0 per cent.


Giving the trends on the petroleum price index, he pointed out that “the PPI for the sub-sector was 29.0 per cent in January last year. The rate declined consistently to record 15.9 per cent in March the same year. Subsequently, the rate increased to 44.2 percent in June that year but decreased to 3.1 percent in September. It, however, resumed an upward trend to record 36.1 per cent in October. The rate then declined consistently to record 3.8 per cent in January 2019.”


He disclosed that the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 8.9 per cent, followed by the manufacturing sub-sector with 3.0 percent.


The utility sub-sector he said, recorded the lowest year-on-year producer inflation rate of -0.1 per cent while the mining and quarrying sub-sector recorded the highestmonthly inflation rate of 4.6 per cent.

 

Source: ISD (Nana Ama Bonnah)

Created: 22 February 2019
Hits: 488