" The manufacturing sector recorded 1.0% for the month of October, whiles Utilities sector recorded 5.3%- Govt. Deputy Statistician
Wholesale prices of items produced locally are set to reduce due to reduction in the Producer Price Index for the month of October 2.8 percent which is a reduction of 2% compared to the 4.8% recorded in September.
This will lead to marginally reduction in the prices of goods and services produced in the country.
Breaking the news at a press briefing in Accra, deputy government statistician in charge of operarions at the Ghana Statistical Service, Andy Amuzu says
" The manufacturing sector recorded 1.0% for the month of October, whiles Utilities sector recorded 5.3%. So the pull now is from the manufacturing sector, which recorded, which has recorded a consistent decline."
As to why the manufacturing sector been experiencing constant decline, the deputy government statistician mentioned the persistent fall in the price of petroleum products.
" The petroleum subsector that is pulling it down is the petroleum industry. That is the manufacture of petroleum products which has declined again from - 27.9% to -34.5%. So that is clearly what is drawing the Producer Price Inflation for the manufacturing sector down which is in turn drawing the general Producer Price Index down."
The reduction in the PPI therefore means that the ex- factory price of products in the country will stabilize, and even reduce in some cases.