PPI for February is 14.5%

PPI for February is 14.5%

- The PPI rate for February 2016 is 14.5%

- According to the Government Statistician the decline in February is due to a decrease in inflation rate

PPI for February is 14.5%

The Government Statistician presenting the February report to the media

The year-on-year producer inflation for all industries was 14.5% in February 2016; the monthly change rate was 0.0 %.

According to the Ghana Statistical Service (GSS) the utilities sub-sector recorded the highest year-on-year producer price inflation rate of 43.9 %, followed by the manufacturing sub-sector with 9.8%.

The Producer Price Index measures the average change over time in prices received by domestic producers for the production of their goods and services.

The mining and quarrying sub-sector recorded the lowest year-on-year inflation rate of 8.6%. The monthly changes in the producer price index indicated that mining and quarrying recorded the highest monthly change rate of 7.8%, followed by the manufacturing sub-sector with 0.2% . The utilities sub-sector recorded the lowest inflation rate of -7.9%.

Addressing the media during the monthly presentation, the Government Statistician, Dr. Philomena Nyarko said, “the decline was as a result of the decrease in the inflation rate in the utilities and manufacturing sub-sectors”.

Dr. Nyarko further explained the trends as follows: “the year-on-year inflation in ex-factory prices of goods and services was 14.5% for February 2016. From February 2015, the producer price inflation rate consistently declined to record 19.2% in March 2015.

“Subsequently the rate fluctuated to record 23.1% in June 2015. The rate declined consistently from 10.2% in July 2015 to 2.9% in October 2015. However, it increased consistently to record 11.0% in December 2015. In January 2016, the rate increased to record 16.3%, but declined in February 2016 to 14.5 %.  

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.

The figures for the month of February 2016 are provisional, and are subject to revision when additional data become available. All other indicators are final.

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