Producer Price Inflation up 0.7%

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Year-on-year inflation in ex-factory prices of goods and services went up by 0.7 percent to 8.2 percent in October 2017, the Ghana Statistical Service (GSS) has revealed.

This means ex-factory prices of goods and services for all industry increased on average by 8.2 percent in October 2017 relative to the price level recorded in October 2016. The revised ex-factory price for September 2017 was 7.5 percent.

The monthly change rate was however 0.1 percent.
For the major sub-sectors, mining and quarrying registered the highest rate of inflation of 12.5 percent, followed by manufacturing with 9.1 percent, higher than the September value of 8.4 percent and utilities sector with 0.5 percent, a decrease of 0.1 percent in September 2017.
For mining and quarrying, the producer inflation rate increased by 1.3 percentage points in October 2017 relative to the rate recorded in September 2017 which was 11.2 percent.

With respect to the monthly changes, manufacturing recorded the highest rate of 0.8 percent followed by the Utilities sub-sector with -0.03 percent. The Mining and Quarrying sub-sector recorded the lowest rate of -2.8 percent.

Five major groups in manufacturing recorded inflation rates above the sector average of 9.1 percent in October 2017. They include manufacture of coke and refined petroleum products, manufacture of machinery and equipment and manufacture of motor vehicles, trailers and semi-trailers.

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 relates prices in a particular month to those of the base period, September 2006.

By Augustine Amoah

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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