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Producer Price Index drops to 4.4%

BY ROSEMOND BOATENG ADDAI Rosemond.adjetey@yahoo.com

PRODUCER PRICE Inflation (PPI) rate for December 2018 was 4.4%.

The Producer Price Index is the system that measures the average change over time in the prices received by domestic producers for the production of their goods and services over a period.

Briefing the press on Wednesday in Accra, Mr David Kombat, Acting Government Statistician of the Ghana Statistical Service, explained that the rate represents a 2.1 percentage point decrease in producer inflation relative to the rate recorded in November 2018, which was 6.5%.

“The month-on-month change in PPI between November 2018 and December 2018 was -0.2%,” he said.

The Statistician explained that during the month of December 2018, four out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 4.5%.

According to him, manufacture of basic metals recorded the highest inflation rate of 16.4% while manufacture of machinery and equipment not else classified recorded 0.0%.  “With respect to the monthly changes, mining and quarrying recorded the highest inflation rate of 2.9%, followed by the utilities sub-sector with 0.0%. The manufacturing sub-sector recorded the lowest inflation rate of -2.4%,” he explained.

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