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Inflation Producer Inflation drops to 3.1 percent in January 2017

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 18.6 percent, followed by the Manufacturing sub-sector with 2.4 percent.

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The Ghana Statistical Service has indicated that the Producer Price Inflation for January 2017 is 3.1 percent.

This is lower than the rate recorded in December 2016 which was 4.9 percent.

READ ALSO: Payroll is major avenue for syphoning state funds - Auditor General

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 18.6 percent, followed by the Manufacturing sub-sector with 2.4 percent.

The Utilities sub-sector recorded the lowest year-on-year inflation rate of -6.8 percent.

Acting Government Statistician, Baah Wadieh explained that the decrease in inflation was because of the declining inflation in the manufacturing and utility sub-sectors.

READ ALSO: Gold production in Ghana to increase by 3%

“The decline in the Producer Price Inflation rate was mainly due to the decline in the inflation rate for the manufacturing and utilities sub-sectors.”

With respect to the monthly changes, the Mining and Quarrying recorded the highest rate of 4.9 followed by manufacturing sub-sector with 2.0 percent.

The Utilities sub-sector recorded the lowest rate of 0.2 percent.

The monthly change rate for January 2017 was 2.1%.

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