The Ghana Statistical Service (GSS) has announced that the Producer Price Inflation (PPI) which measures the average change over time in the prices by domestic producers of goods and services has increased to 6.0 percent for March, 2017.
The rate represents a 0.6 percentage point increase in producer inflation relative to the rate recorded in February 2017.
Speaking at a press conference in Accra, Acting Government Statistician, Mr. Baah Wadieh explained that the increase was due to increased inflation for manufacturing and the mining and quarrying sub-sectors.
“During the month of March 2017, 11 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher that the sector average of 4.0 percent,” he said.
He explained that, manufacture of electrical and machinery as well as apparatus recorded the highest inflation rate of 21.2 percent, while manufacturing of other non-metallic mineral products recorded the lowest producer price inflation rate of-2.3 percent.
On Petroleum Price Index, Mr. Wadieh stated that the inflation rate in the petroleum sub-sector was 2.9 percent in March 2016.
He observed that the rate increased to 6.5 percent in April 2016 but declined slightly to 6.1 percent in May 2016.
“In June 2016, the rate decreased to record -4.7 percent and then to -19.3 percent in July 2016. The rate increased to -16.3 percent in August 2016, and further to 14.8 percent in September 2016, and -7.4 percent in October 2016,” he said.
“In November 2016, it increased to record -0.2 percent and then to -0.1 percent in December 2015,” he added.
He explained that the rate declined to -6.9 percent in January 2017 but increased to 0.4 percent in February 2017 and then to 5.3 percent in March 2017.
By: Lawrence Segbefia/citibusinessnews.com/Ghana