The Producer Price Inflation (PPI) has dropped to 7.7 percent for January 2018.
This represents a 1.2 percent reduction compared to the 8.9 percent recorded in December 2017.
The Producer price inflation measures the average change over time in prices received by domestic producers for their goods and services.
Speaking at a press conference in Accra, Acting Government Statistician, Baah Wadieh said the decrease has been influenced by the decrease in inflation of all the sub-sectors which are mining and quarrying, manufacturing and utility.
“The decrease in the oil industry inflation rate from 8.7 percent to 7.7 percent in January 2018, was a result of decreases in the inflation rate in all the sub-sectors. That means there was a decrease in the manufacturing sub-sector inflation rate as well as the utilities and the mining and quarrying sub-sectors. These ones recorded decreases in the inflation rate and that accounts for what we observed” he briefed the media.
Meanwhile, the Mining and Quarrying subsector recorded the highest year on year producer inflation rate of 18.3 percent followed by the manufacturing subsector with 7.3 percent.
The Utilities sub-sector recorded the lowest year on year producer inflation rate of 0.2 percent.
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By: Anita Arthur/citibusinessnews.com/Ghana