The Producer Price Inflation (PPI) for January 2020 has increased to 13.3 percent.
This rate represents a 0.3 percentage point increase in producer inflation relative to the rate recorded in December 2019, which was 13.0 percent.
This month’s rate, is the highest producer inflation since March 2016.
The Producer Price Index measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Addressing the media, Government Statistician, Prof. Samuel K. Annim, explained that the increase in the PPI was mainly due to changes in the prices of refined petroleum within the manufacturing sector.
“The rise represents a 0.3 percentage point increase in producer inflation relative to the rate recorded in December 2019; and the main driver of the change in this year’s producer price inflation from 13.0 to 13.3 percent is as a result of the changes in the prices of refined petroleum within the manufacturing sector,” he said.
Prof. Annim explained that the mining and quarrying sub-sectors recorded the highest year-on-year price inflation rate of 32.2 percent, followed by the utilities sub-sector with 12.6 percent, while the manufacturing sub-sector recorded the lowest year-on-year producer inflation rate of 9.6 percent for the month.
With respect to the monthly changes, mining and quarrying sub-sector recorded the highest inflation rate of 3.4 percent. The Manufacturing sub-sector recorded no change. The utilities sub-sector recorded the lowest rate of -0.1 percent.
On Petroleum Price Index, he said it recorded a 3.8 percent in January 2019.
This figure increased consistently to 17.2 percent in April 2019, but decreased to 1.2 percent in June 2019.
He however pointed out that, the figure increased again to 3.1 percent in August 2019, but resumed the downward trend to record -5.7 percent in October 2019, and thereafter increased consistently to record 13.0 percent in January 2020.