Business News of Thursday, 23 November 2017
Source: citibusinessnews.com
2017-11-23
The mining and quarrying sub-sector recorded the highest inflation of 12.5%
The Producer Price Inflation (PPI) has gone up to 8.2 percent.
The figure which is for the month of October 2017, went up by 0.7 percent from the 7.5 percent recorded in September 2017.
The Producer Price Inflation 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 measures the producer price indices with reference to September 2006, the base period.
The Acting Government Statistician, Baah Wadieh explained to Citi Business News that the gradual rise in the prices of gold and petroleum products contributed to the increase in the producer price inflation.
“The October PPI went up from 7.5 percent in September to 8.2 percent in October 2017 because of increases in the inflation for manufacturing and increases in inflation for mining and quarrying, for mining and quarrying the increase was due mainly to observed increases in the prices of petroleum products in September 2017 and that pushed up the index.”
Meanwhile, the mining and quarrying sub-sector recorded the highest inflation of 12.5 percent.
It was followed by manufacturing with 9.1 percent.
The utility subsector recorded the least inflation of 0.5 percent in October.
Also in October 2016, the producer price inflation rate for all industry was 9.7 percent.
The rate increased to 11.9 percent in November 2016 but it declined consistently to record 3.1 percent in January 2017.
In February 2017, the rate increased to 5.4 percent and then to 6.0 percent in March 2017 but declined consistently to record 2.0 percent in July 2017.
Since then the rate has increased consistently to record 8.2 percent in October 2017.
