The Producer Price Inflation (PPI) rate for April 2019 has hit 7.1 percent. This shows a monthly change rate of 0.9 percent when compared to March 2019.
The PPI measures the average change over time in the prices received by domestic producers for their goods and services.
Speaking at a press conference, the Government Statistician Professor Samuel Kobina Annim explained that the Mining and Quarrying sub-sector recorded the highest year-on-year producer inflation rate of 12.3 percent, followed by manufacturing sub-sector with 7.5 percent.
Providing more details, Prof. Annim stated that the Utilities sub-sector recorded the lowest year-on-year producer inflation of 1.1 percent.
“With respect to the monthly change, manufacturing recorded the highest inflation rate of 1.9 percent followed by utilities sub-sector with 0.8 percent. The Mining and quarrying sub-sector recorded the lowest inflation rate of -2.5 percent,” he said.
On Petroleum Price Index, Prof. Annim said the producer inflation rate in the petroleum sub-sector was 22.7 percent in April 2018.
He stated that the figure increased to 44.2 percent in June 2018 but decreased to 31.1 percent in September 2018.
“However, it increased again to 36.1 percent in October 2018, but resumed the downward trend to record 3.8 percent in January 2019 but increased consistently to record 17.2 percent in April 2019,” he said.