Producer Price Inflation hits a record 27.8%
Producer Price Inflation continues to soar with March recording the highest in four years.
The latest figure of 27.8 percent represents a 0.7 percent increase from the month of February.
Producer Price Index gives a year-on-year and monthly indication of inflation rates for all industry, notably mining and quarrying, manufacturing and utilities.
The Ghana Statistical Service is attributing the soaring figure to increases in gold prices as well as the depreciating cedi.
Anthony Krakah, Head of Industrial Statistics at the Ghana Statistical Service, explained:
“When manufacturing prices are increasing, even though it has no direct relationship, there is a likelihood that CPI inflation will go up; it means that the money in your pocket may lose value over time if you have a fixed income.”
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