ADVERTISEMENT
May PPI increases to 7.1%
This means that the PPI for May 2018, has increased by 0.7 percent compared to the 6.4 percent recorded in April of the same year.
The Government Statistician Mr. Baah Wadieh at a press conference explained that the increase was due to the rise in petroleum prices in the month of April.
“It’s the result of increases in the inflation rate in the manufacturing sector. If you observe the inflation rate, the manufacturing subsector has gone up and that is accounting for what you see as the rise in all industry,” he said.
ADVERTISEMENT
He further stated that the producer inflation rate in the petroleum subsector was -4.5 percent in May 2017.
He explained that it subsequently increased consistently to record 36.9 percent in October 2017, but declined to 27.7 percent in November 2017.
“The rate increased to 36.4 percent in December 2017 but declined to record 15.9 percent in March 2018.”
READ ALSO: Ghana loses $6bn through gold export - ACEP
He explained that the rate increased to 22.7 percent in April 2018 and then to 35.5 percent in May 2018.
ADVERTISEMENT
“As was witnessed between April and May 2018 the inflation rate in the petroleum subsector went from 15.9 % to 25.5%, resulting in the inflation in the manufacturing sector.”
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Artificial Intelligence will affect around 40% of the global workforce — IMF
May God open your eyes to see the good in this government - Akufo-Addo prays
Police officer dies after colliding with stationary truck while chasing traffic offender
AG's office chases Alex Mould, Gavivina for GHS5 million bail bond for jailed MASLOC CEO
St Patrick Hospital suspends Muslim staff for taking break to observe Eid festivities
GPRTU proposes 30% increase in transportation fares
It's regrettable Ghanaian journalists no longer talk about galamsey — Sir Sam Jonah
Police arrest 1 person in connection with Odumasi-Badu Road robbery in Bono Region