Producer Price Inflation Down

The annual producer price inflation (PPI) dipped to 14.72 per cent in August from 16.39 per cent in July, the Ghana Statistical Service said in Accra yesterday.

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

Dr. Grace Bediako, Government Statistician, said apart from the mining and quarrying sector, the other sectors recorded annual inflation rates less than the all industry inflation rate.

Mining and quarrying recorded the highest inflation rate of 50.07 per cent up from 41.65 per cent in July.

Price increases in the mining industry, which has a weighting of 14 per cent on the overall index, slowed to 0.51 per cent in August from 1.62 per cent a month earlier, she said.

Prices in manufacturing, which account for 70 per cent of the index, rose by 0.84 per cent in August to close at 10.77 per cent.

Dr. Bediako said the all industry year-on-year inflation have been relatively stable for the first five months of the year, averaging 13.40 per cent.

Source: GNA