Producer Price Index drops to 9.7%

The Producer Price Index (PPI) has dropped to 9.7% for September from that of August which was 10.2%.

Producer Price Index (PPI) for September 2019 dropped to 9.7% from the August figure of 10.2%.

The PPI is the system that measures the average change over time in the prices received by domestic producers for the production of their goods and services over a period.

Addressing the media on Thursday Mr David Kombat, Deputy Government Statistician of the Ghana Statistical Service, explained that, “the month-on-month change in PPI between August 2019 and September 2019 was 0.1%.”

The Statistician explained that during September 2019, eight out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 4.9%.

According to him, the manufacture of machinery and equipment not else classified recorded the highest inflation rate of 24.7%, while tanning and dressing of leather products recorded the least inflation rate of 0.0%.

He indicated at the press briefing that PPI in the mining and quarrying sub-sector increased by 0.6 percentage point over the August 2019 rate of 36.5% to record 37.1% in September 2019.

“With respect to the monthly changes, mining and quarrying recorded the highest inflation rate of 37.1%, followed by utilities sub-sector with 6.9%, with the manufacturing sub-sector recording the lowest inflation of -0.3%.”

Source: rainbowradioonline.com