The Producer Price Index (PPI) that measures the average change over time in the prices received by domestic producers for the production of their goods and service for the month of September 2016 recorded inflation rate of 9.7 per cent.
Briefing the press, the Deputy Government Statistician, Mr. Baah Wadieh, explained that the rate represented a 1.4 percentage points decrease in producer inflation relative to the rate recorded in August 2016 11.1%
Mr. Wadieh said, “The month-on-month change in PPI between August and September 2016 was 0.8%”
For mining and quarrying sub-sector the PPI decreased by 6.2 percentage points over the August 2016 rate of 28.4% to record 22.2% in September 2016.
Manufacturing which constitutes more than two-thirds of total industry, decreased by 1.2 percentage points to record 1.3%.
Utilities sub-sector recorded an inflation rate of 38.2% in September 2016, indicating an increase of 2.2 percentage point over the August 2016 rate of 36.0%.
The Statistician said, “With respect to the monthly changes, the manufacturing sub-sector recorded the highest rate of 0.97% followed by the utilities sub-sector with 0.7%. The mining and quarrying sub-sector recorded the lowest rate of 0.4%.
The inflation rate in the petroleum sub-sector was -27.9% in September 2015. Subsequently, the rate declined to record -34.5% in October 2015.
Dr Nyarko said “it, however, increased to -21.8% in December 2015 and rose further to record 3.3% in January 2016. In February 2016, it declined to 0.5% but increased to record 2.9% in March 2016 as a result of the base drift effect”.