Inflation in Ghana Producer Inflation for November rises to 11.9%

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

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The Producer Price inflation (PPI) for the month of November 2016 has increased to 11.9%.

This is from a 9.7% recorded in October.

The Acting Government Statistician Baah Wadieh who made the announcement said this rate is 2.2 percentage points higher than the rate recorded in October 2016.

The monthly change rate for November 2016 was 1.2%.

READ ALSO: Ghana will not meet budget deficit target- Terkper

“The Utilities sub-sector recorded the highest year-on-year producer price inflation rate of 38.3 percent, followed by the Mining and Quarrying sub-sector with 19.4 percent. The Manufacturing sub-sector recorded the lowest year-on-year inflation rate of 4.9 percent.”

With respect to the monthly changes, the Manufacturing sub-sector recorded the highest rate of 2.1 percent followed by utilities sub-sector with 0.1 percent. Mining and Quarrying sub-sector  recorded the lowest rate of -1.6 percent.

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

Baah Wadieh also said that Ghana’s Gross Domestic Product (GDP) for the 3rd quarter of 2016 is 4%. This is an increase from the 2.5% recorded in the 2nd quarter of 2016.

Oil was a major contributor to the upward trend.

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