Producer Price Inflation for July increases to 8.2%

The Producer Price Inflation (PPI) for July increased from 7.7 percent to 8.2 percent.

This means that a 0.5 percent increase was recorded.

At a press conference to announce the figures, the Acting Government Statistician Mr Baah Wadieh said the manufacturing sub-sector recorded the highest year-on-year PPI.

“The figures also showed that during the month of July, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.4 percent.”

Mr Baah Wadieh added that the manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 42.2 percent, while manufacturing of rubber and plastic products recorded the lowest producer price inflation rate of negative 1.7 percent.

The petroleum sub-sector recorded an inflation rate of negative 2.7 percent in 2017.

But Mr. Wadieh said that the rate 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 consistently to record 15.9 percent in March 2018. Subsequently, the rate increased again to record 44.2 percent in June 2018, but decreased to 42.2 percent in July 2018,” he said.

The producer price inflation measures the prices received by domestic producers for the production of their goods and services over a period of time.