BY ROSEMOND BOATENG ADDAI | Rosemond.firstname.lastname@example.org
PRODUCER PRICE Inflation (PPI) rate for April 2019 was 7.1% PPI 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, Prof Samuel Kobina Annim, Government Statistician of the Ghana Statistical Service, explained that the rate represents a 0.9 percentage point increase in producer inflation relative to the rate recorded in March 2019, which was 6.7%.
“The month-on-month change in PPI between March 2019 and April 2019 was 0.9%,” he said.
The Statistician said the producer price inflation in the mining and quarrying sub-sector decreased by 3.6 percentage points over the March 2019 rate of 15.9% to record 12.3% in April 2019.
“The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 12.3 percent, followed by manufacturing sub-sector with 7.5 percent. The Utilities sub-sector recorded the lowest year-on-year producer inflation of 1.1 percent,” he said.
For manufacturing, the Statistician said during the month of March 2019, three out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 6.1%., adding that “manufacture of coke and refined petroleum products recorded the highest inflation rate of 17.2%, while tanning and dressing of leather and manufacture of paper and paper products recorded 0.0%.”
Prof Annim pointed out that with respect to the monthly changes, Manufacturing recorded the highest inflation rate of7.5%, followed by Utilities the sub-sector with 0.8%.
According to him, the mining and quarrying sub-sector recorded the lowest inflation rate of -2.5%.
He also explained that the producer inflation rate in the petroleum subsector was 22.7% in April 2018.
“Afterward, it increased to 44.2% in June 2018, but decreased to 31.1% in September 2018. It, however, increased again to 36.1% in October 2018. It resumed the downward trend to record 3.8% in January 2019 but increased consistently to record 17.2% in April 2019,” he said.