The Producer Price Inflation (PPI) rate for March 2019 stood at 6.7 percent, this rate indicated that between March 2018 and March 2019 (year-on-year), the PPI increased by 6.7 percent.
This represented a 1.3 percentage point increase in producer inflation relative to the rate recorded in February 2019 (5.4%).
The month-on-month change in producer price index between February 2019 and March 2019 was 0.9 percent
The Government Statistician, Professor Samuel Kobina Annim at news conference noted that, “during the month of March 2019, five out of the sixteen major groups in the manufacturing sub sector recorded inflation rates higher than the sector average of 6.1 percent.
Manufacture of basic metals recorded the highest inflation rate of 17.0 percent, while Tanning and dressing of leather and manufacture of machinery and equipment n.e.c. recorded inflation of 0.0 percent”.
Professor Annim said, the producer inflation rate in the petroleum sub-sector was 15.9 percent in March 2018.
Subsequently it increased to 44.2 percent in June 2018, but decreased to 31.1 percent in September 2018, it however, resumed an upward trend to record 36.1 percent in October 2018, he added.
The rate then declined consistently to record 3.8 percent in January 2019, but increased consistently to record.
The Producer Price Index (PPI) 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 reports the producer price indices with reference to September 2006, the base period.
This release shows the annual (year-on-year) and monthly producer inflation rates for all industry and three major sub sectors of industry (Mining and Quarrying,
Manufacturing and Utilities) for the last twelve months. The figures for the month of March 2019 are provisional, and are subject to revision when additional data become available.
Story by Edzorna Francis Mensah