The Producer Price Inflation (PPI) for October, went up to 7.2%, representing 1.4 % increase in producer inflation relative to the rate recorded in September, 2018 (5. 8%)
According to the Acting Government Statistician, Baah Wadieh, “the year-on-year producer inflation for all industry was 7.2% in October 2018; the monthly change rate was 1.6%.
The manufacturing sub-sector recorded the highest year-on-year producer price inflation rate of 9.7%, followed by the mining and quarrying sub-sector with 4.4%. The utilities sub-sector recorded the lowest year-on-year producer inflation of -0.1%.”
With respect to the monthly changes, manufacturing recorded the highest inflation rate of 2.1%, followed by the mining and quarrying sub-sector with 1.1%. The Utilities sub-sector recorded no change in the inflation rate.
Mr Baah Wadieh said, “during the month of October 2018, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 9.7%.
Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 36.1%, while manufacture of machinery and equipment n.e.c recorded no change in inflation rate”.
The producer inflation rate in the petroleum sub-sector was 36.9 percent in October 2017, but declined to 27.7% in November 2017.
According to the release, the rate increased to 36.4 percent in December 2017 but declined consistently to record 15.9% in March 2018.
Subsequently, the rate consistently increased to record 44.2% in June 2018. It however resumed an upward trend to record 36.1% in October 2018.
Story By: Edzorna Francis Mensah
