Producer Price Index drops to 9.7%

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The Producer Price Index (PPI) has dropped to 9.7percent for September from that of August which was 10.2percent.

Producer Price Index (PPI) for September 2019 dropped to 9.7percent from the August figure of 10.2percent.

The 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.

Addressing the media on Thursday Mr David Kombat, Deputy Government Statistician of the Ghana Statistical Service, explained that, “the month-on-month change in PPI between August 2019 and September 2019 was 0.1%.”

The Statistician explained that during September 2019, eight out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 4.9percent.

According to him, the manufacture of machinery and equipment not else classified recorded the highest inflation rate of 24.7percent, while tanning and dressing of leather products recorded the least inflation rate of 0.0percent.

He indicated at the press briefing that PPI in the mining and quarrying sub-sector increased by 0.6 percentage point over the August 2019 rate of 36.5percent to record 37.1percent in September 2019.

“With respect to the monthly changes, mining and quarrying recorded the highest inflation rate of 37.1%, followed by utilities sub-sector with 6.9%, with the manufacturing sub-sector recording the lowest inflation of -0.3%.”

 

Source: rainbowradioonline.com

 

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