Business News of 2014-08-28

Producer Price Inflation rises to 47.4 per cent in July

The Producer Price Inflation (PPI) rate for July 2014 stands at 47.4 per cent, up from a revised 33.1 per cent recorded in June 2014 on the back of increasing cost in the manufacturing sector, the Government Statistician Dr Philomena Nyarko said on Wednesday.

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

The rate for July is the highest level since January 2010.

“This rate indicates that between July 2013 and July 2014, the PPI increased by 47.4 per cent, representing a 14.3 percentage point increase in producer inflation relative to the rate recorded in June 2014 (33.1%),” she told a media conference.

The month-on-month change in producer price index between June 2014 and July 2014 is 10.2 per cent.

She said while all the sub-sectors recorded increases, the manufacturing sector which constituted more than two-thirds of total industry increased by 13.2 percentage points to record 40.3 percent.

"All the sub-sectors have recorded increases but the main driver is the manufacturing sector,” Dr Nyarko said.

The utilities sub-sector recorded the highest year-on-year producer price inflation rate of 76.8 per cent, followed closely by the mining and quarrying sub-sector with 50.9 per cent.

Source: GNA
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