September PPI hits 3.7%

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    The Producer Price Inflation (PPI) rate which measures the average change over time in the prices received by domestic producers for the production of goods and services for September 2015 has reached 3.7 percent.

    This rate indicates that between September 2014 and September 2015, the PPI increased by 3.7 percent, representing a 0.2 percentage point decrease in producer inflation relative to the rate recorded in August 2015 (3.9 percent).

    The figures which were released by the Ghana Statistical Service showed that the month-on-month change in producer price index between August and September 2015 was 1.1 percent.

    The producer price inflation in the Mining and Quarrying subsector decreased by 3.8 percentage points over the august 2015 rate of 1.7 percent to record -2.1 percent in September 2015.
    Manufacturing, which constitutes more than two-thirds of total industry increased slightly by 0.9 percentage points to recorded an inflation rate of 7.2 percent in September 2015, indicating a decrease of 1.2 percentage points over the August 2015 rate of 8.4 percent.

    On trends, the year-on-year inflation in ex-factory prices of goods and services was 3.7 percent for September 2015.

    From September 2014, the producer price inflation rate consistently declined to record 19.2 percent in March 2015.

    It inched up to record 19.5 percent in April 2015 and then declined to 18.8 percent in May 2015.

    It, however, increased again in June 2015 to record 23.1 percent. The rate then declined consistently from 10.2 percent in July 2015 to record 3.7 percent in September 2015.
    On the manufacturing sector, eleven out of the sixteen major groups in the sub-sub-sector recorded inflation rates higher than the sector average of 4.3 percent.

    Manufacture of paper and paper products recorded the highest inflation rate of 48.9 percent, while the manufacture of coke, refined petroleum products and nuclear fuel recorded the lowest producer price inflation rate of -27.9 percent.

    On petroleum price index, the sub-sector was 59.5 percent in September 2014 and thereafter fluctuated until November 2014 when it recorded a rate of 61.1 percent.

    Subsequently, the rate steadily declined to record -8.7 percent in March 2015 and -9.6 percent in May 2015 as a result of base drift effect and the decrease in ex-refinery prices of petroleum products.

    It, however, increased in June 2015 to record -0.01 percent as a result of the increase in petroleum prices but decreased to -6.4 percent in July 2015 due to base drift effect.

    In September 2015, the rate declined to -27.9 percent due to the decrease in prices of petroleum products.

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