Ghana’s PPI falls in September

The Producer Price Index (PPI) in Ghana fell 1.4 percentage points to 9.7 percent in September, compared with 11.1 percent recorded in August, the Ghana Statistical Service (GSS) announced Wednesday.

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Food Prices
Food Prices

The PPI measures the average rate of change over time in prices received by domestic producers for the production of their goods and services.

The monthly change rate grew 14.4 percentage points to record 11.1 percent in September, compared with the -3.3 percent recorded in the previous month.

Deputy Government Statistician Baah Wadier told reporters that the downward trend in the year-on-year industry inflation was mainly due to the base-drift effect in both manufacturing and the mining and quarry sectors.

Mining and quarry, which constitutes 13.9 percent of all industry, recorded 22.2-percent inflation in September, down from 28.4 percent in August.

Manufacturing, the largest industry sector with 69.75-percent share of all industry, dropped to an inflation rate of 1.3 percent in September from 2.5 percent in August.

However, the utilities sector with 16.28-percent share of all industry, recorded an increase of 2.2 percentage points to reach an inflation rate of 38.2 percent during the month under review, compared with 36 percent recorded in the previous month.

“The lower prices of gold on the world stage in September 2016 than they were in September 2015 resulted in the lower inflation rate for the mining and quarrying sector,” Wadier explained.

He added that there was a base drift effect in the manufacturing sector which also resulted from lower factory gate prices for petroleum (chemical) products in September. Enditem

Source: Xinhua/NewsGhana.com.gh

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