The Producer Price Inflation which measures the average change over time in the prices of goods sold by producers has reduced to 2.0 percent for the month of July 2017.
This rate represents a 1.2 percentage points decrease in the producer inflation relative to the rate recorded in June 2017 which was 3.2 percent.
Speaking at a press conference in Accra, the Acting Government Statistician Mr. Baah Wadieh explained that the decrease in the PPI was influenced by a sharp drop in the mining and quarrying sub-sector due to a fall in global gold price.
“We recorded that great drop in the mining and quarrying subsector because there were two significant changes that took place. First, there was the base drift effect. Secondly the prices on of gold on the world market also declined almost by about two percent. These two factors also attributed to the decline in inflation that we observed in the mining and quarrying sub-sector. It is because of this decline in the mining and quarrying subsector which pulled down the PPI from the producers’ perspective,” he explained.
Giving some more figures, Mr. Wadieh stated that the PPI in Mining and Quarrying sub-sub-sector decreased by 7.9 percentage points over the June 2017 rate of 12.0 percent to record 4.1 percent in July 2017.
–
By: Lawrence Segbefia/citibusinessnews.com/Ghana
