Producer Price Inflation Rate April 2018 Stood At 6.4

The Ghana Statistical Service has revealed that the year-on-year producer inflation for all industry stood at 6.4 percent in April 2018, this rate represents a 2.7 percentage point increase in producer inflation relative to the rate recorded in March 2018 (3.7%). 

The month-on-month change in producer price index between March 2018 and April 2018 was 0.9 percent

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 10.3 percent, followed by the Manufacturing subsector with 7.2 percent. The Utilities sub-sector recorded the lowest year-on-year producer inflation of -0.3 percent.

With respect to the monthly changes, Manufacturing recorded the highest inflation rate of 1.2 percent, followed by the Mining and quarrying sub-sector with 0.7 percent. 

The utilities sub-sector recorded no change.

Speaking at the news conference in Accra, The Acting Government Statistician of The Ghana Statistical Service, Baah Wadieh said “during the month of April 2018, six out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 7.2 percent. 

Manufacture of machinery and equipment n.e.c recorded the highest inflation rate of 26.1 percent, while manufacturing of food products and beverages recorded the lowest producer price inflation rate of -0.8%”.

According to him, “the producer inflation rate in the petroleum subsector was -1.2 percent in April 2017. The rate further declined to -4.5 percent in May 2017. 

Subsequently, it increased consistently to record 36.9 percent in October 2017 but declined to 27.7 percent in November 2017. 

The rate increased to 36.4 percent in December 2017 but declined consistently to record 15.9 percent in March 2018. 

The rate increased to 22.7 percent in April 2018.”

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 April 2018 are provisional, and are subject to revision when additional data become available. 

All other indicators are final,GSS admitted.

Story by Edzorna Francis Mensah

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