The Producer Price Inflation (PPI) for industry for the month of April 2015 hit 19.5%, 0.3% points up from the 19.2% it recorded in the month of March.
[contextly_sidebar id=”PcQeEuNvCjkTNxjoW5BYLnIQ86E6RUYn”]This rate indicates that, between April 2014 and April 201 5 (year – on – year ), the PPI increased by 19.5 percent, representing a 0.3 percentage point increase in producer inflation relative to the rate recorded in March 2015(19.2%).
The month on month change in producer price index between March and April 2015 was 2.8 percent.
The Producer Price Index PPI measures the average change overtime in prices received by domestic producers for the production of their goods and services.
The mining and quarry sub sectors recorded 27.1% the highest year on year inflation.
They were followed by the utilities sub sector which recorded 20.7% while the manufacturing subsector recorded an inflation rate of 17.0%.
Speaking to Citi Business News government statistician Dr. Philomena Nyarko attributed the increase to utilities price hikes and the fall in gold prices on the world market.
“The marginal increase in the PPI was accounted for due to the inflation rate at the mining and quarrying sub sectors, its rose from 23.0% in March 2015 to 27.1% in April 2015 and we also had the utility sub sector also increasing from 16.5% in March 2015 to 20.7 % in April 2015 and this was as a result of slight increase in electricity and water prices in the country.
Between March and April 2015 we can say the increase has been marginal just 0.3% increase.”
Government statistician Dr. Philomena Nyarko indicated that generally if the cedi is stabilized and the gold price on the world market drops and there are not increases in utility prices then they will be a drop in the producer price index.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana