Ghana records new producer price index

Industry inflation rate, measured with the Producer Price Index (PPI), recorded a 0.7 percentage point increase to 11.1 percent year-on-year in August, the Ghana Statistical Service (GSS) announced here on Wednesday.

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Government Statistician Philomena Nyarko said the Monthly Change Rate for August 2016 was -3.3 percent, compared to the 1.0 percent change rate for July 2016.

According to her, the slight increase was the result of the inching up of the rate for the manufacturing sector, the largest industry sector with 69.75 percent share in all-industry.

In the manufacturing sector, the rate for August 2016 inched up by 1.3 percentage points to record an inflation rate of 2.5 percent, compared with the 1.2 percent recorded in July 2016.

The utilities sector, with 16.28 percent share in all-industry, decreased by 0.6 percentage points from 36.6 percent recorded for the previous month to 36.0 percent during the month under review.

In the same vein, inflation rate for mining and quarrying decreased by 2.0 percentage points to 28.4 percent in August 2016 relative to the 30.4 percent recorded in the previous month. Enditem

Source: Xinhua/NewsGhana.com.gh

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