Producer Price Inflation rate for May hits 11.3%

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    The Producer Price Inflation (PPI) rate for May 2016 was 11.3 per cent, representing a 0.1 percentage point difference decrease in PPI, relative to the rate recorded in April, 11.2 per cent, the Ghana Statistical Service (GSS) has announced.

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

    Government Statistician Dr Philomena Nyarko at a press conference in Accra Wednesday June 22, explained that “during the month of April 2016, 10 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 9.2 per cent. Manufacture of paper and paper products, while publishing, printing and recorded media, recorded the lowest producer price inflation rate, -5.7%.”

    She further stated that the rate in the petroleum sub-sector was -9.6 per cent in May 2015. The rate, she said, increased by -0.01 per cent in June 2015. Subsequently, the rate declined consistently to record -21.8 per cent in December 2015 and rose further to record 3.3 per cent in January 2016. It then declined to 0.5 per cent in February 2016, but increased to a record 2.9 per cent in March 2016, as a result of base drift effect. The rate increased again to 6.5 per cent in April 2016, but declined to 6.1 per cent in May 2016.

    Source: ClassFMonline

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