The Producer Price Index (PPI) which measures the average change over time in the prices received by domestic producers for production of their goods and services, has recorded 5.4 percent for February 2017.
The rate indicates a 2.3 percentage increase as compared to January 2017 which was pegged at 3.1 percent.
Acting Government Statistician, Mr. Baah Wadieh who spoke at a press conference in Accra, explained that activities in the mining and quarrying sector contributed to the marginal increase as it recorded the highest percentage increase of 19.7 percent.
“The year on year inflation from the producer’s perspective for all industry was 5.4 percent in February 2017. This rate is 2.3 percent higher than the rate recorded in January 2017. The monthly change rate for February 2017 was 2.2 percent. The mining and quarrying subsector recorded the highest year on year producer price Inflation rate of 19.7 percent followed by the manufacturing subsector with 3.5 percent,” he explained.
According to him, the utility sector recorded the lowest rate as it stood at 0.2 percent.
Mr. Wadieh stated that the utility subsector recorded the lowest year on year inflation rate of 1.3%.with respect to the monthly changes.
He added that the mining and quarrying subsector recorded the highest rate of 8.9 percent followed by manufacturing subsector with 1.3 percent.
The utility subsector recorded the lowest rate of 0.2 percent.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana