[ 2016-10-27 ]

Producer inflation drops to 9.7 per cent
The country’s producer price inflation (PPI)
dropped to 9.7 per cent year-on-year in September
from 11.1 per cent in August, partly influenced by
lower gold prices, according to the Ghana
Statistics Service (GSS).


This means that September inflation decreased by
1.4 percentage points over the August rate.

Deputy Government Statistician Baah Wadieh said at
a news briefing in Accra yesterday that there was
marginal easing in the export prices of gold in
September, “helped by a base drift effect
compared to the same period last year and that …
drove down the index for all industry.”

The PPI measures the average change over time in
the prices received by domestic producers for the
production of their goods and services. The PPI
for Ghana reports the producer price indices with
reference to September 2006, the base period.

Giving the highlights, the Deputy Government
Statistician said year-on-year producer inflation
for the utilities sub-sector stood at 38.2 per
cent, from 36.0 per cent.

“However, the mining and quarrying sub-sector
stood at 22.2 per cent in September, from 28.4 per
cent the month before,” Mr. Wadieh said.

According to the GSS, the manufacturing sub-sector
was at 1.3 per cent in September, from 2.5 per
cent in August.

The monthly change rate for September was 0.8 per
cent, the GSS said.

PPI is a major component of consumer inflation,
which has consistently remained above the
government target.

Ghana, a commodity exporter, signed a three-year
aid deal with the International Monetary Fund in
April 2015 aimed at restoring fiscal balance.

The country is a major commodity exporter of oil,
gold, cocoa, timber, among others.

Source - Ghanaian Times

... go Back