Ghana’s Producer Price Inflation (PPI) has dropped for the third time in a row to 3.7 percent as at March 2018.
The PPI measures the average change over time in the general prices received by domestic producers for the production of goods and/or provision of services.
Comparing the March figure to that of February, the PPI went down by 1.8 percent from the 5.5 percent.
The Deputy Government Statistician, Anthony Amuzu attributed the drop in producer inflation to the massive reduction in the inflation rate of prices of petroleum products.
“The decrease in all industry inflation was as a result of the decrease in inflation rate for manufacturing, mining and quarrying and utilities subsectors…This was also as a result of marginal decreases in the price of gold and also the base drift effect.”
“In manufacturing there was a decrease in inflation from 6.0 percent in February to 4.2 percent in March this year due to a decrease in the prices of petroleum products. In March 2017, there were increases in the prices of petroleum products leading to higher index for the sector,” he added.
The mining and quarrying subsector recorded highest year on year producer price inflation rate of 5.8 percent.
It is followed by manufacturing subsector with 4.2 percent.
The utilities subsector recorded the lowest inflation rate of -0.6 percent.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana