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Domestic producers and service providers throughout the country last month recorded an 8.2 per cent rise in the prices of their goods and services as compared to the previous month’s price levels.
The rate for October 2017 was 7.5 per cent, a 0.7 percentage point increase in producer inflation relative to the rate recorded in September 2017.
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Causes
At a news conference in Accra, the acting Government Statistician, Mr Baah Wadieh, attributed the rise to the manufacturing, utilities and mining and quarrying sub sectors.
The mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 12.5 per cent followed by the manufacturing subsector with 9.1 per cent.
The utilities sub-sector recorded the lowest year-on-year producer inflation rate of 0.5 per cent.
The producer price inflation in the mining and quarrying sub-sector increased by 1.3 percentage points over the September 2017 rate of 11.2 per cent to record 12.5 per cent in October 2017.
The producer inflation for manufacturing which constitutes more than two-thirds of total industry increased by 0.7 percentage point, to record 9.1 per cent.
Mr Wadieh indicated that the utilities sub-sector recorded an inflation rate of 0.5 per cent in October 2017 indicating a decrease of 0.1 percentage point compared with the September 2017 rate.
Petroleum price index
The Producer Price Inflation rate for October 2017 was 8.2 per cent. This rate indicates that between October 2016 and October 2017 (year-on-year), the PPI increased by 8.2 per cent.
This rate represents a 0.7 percentage point increase in producer inflation relative to the rate recorded in September 2017 (7.5 per cent).
The month-on-month change in producer price index between September 2017 and October 2017 was 0.1 per cent.
Petroleum price index
The Producer Price Inflation rate for October 2017 was 8.2 per cent.
This rate indicates that between October 2016 and October 2017 (year-on-year), the PPI increased by 8.2 per cent.
This rate represents a 0.7 percentage point increase in producer inflation relative to the rate recorded in September 2017 (7.5 per cent).
The month-on-month change in producer price index between September 2017 and October 2017 was 0.1 per cent.
