Annual PPI rises to 18.0 per cent in May

The annual Producer Price Inflation (PPI) rose to 18.0 per cent in May from 15.8 per cent in April, Acting Deputy Government Statistician, Mr. Kofi Agyemang-Duah said in Accra on Wednesday.

This means that the ex-factory prices of goods for all industry increased on average by 18.0 per cent in May 2012 compared to the same period in 2011.

The month-on-month change in PPI recorded an increase of 2.2 per cent, following a rate of 0.3 per cent in April.

Mr. Agyemang-Duah said the producer inflation rate in mining and quarrying sub-sector dropped by 1.8 percentage points to 22.5 per cent relative to the rate of 24.3 per cent recorded in April.

The manufacturing, which constitutes more than two-thirds of total industry, increased to 19.5 per cent compared to a rate of 16.2 per cent in April.

He said during the month of May, six out of the 16 major groups in the manufacturing sector recorded rates higher than the sector average of 19.5 per cent.

Manufacture of machinery and equipment recorded the highest inflation rate of 38.1 per cent while training and dressing of leather, manufacture of luggage, handbags, saddler, harness and footwear recorded the lowest rate of –0.02 per cent.

Mining and quarrying recorded the highest year-on-year producer inflation rate of 22.5 per cent, followed by manufacturing 19.5 per cent.

Utilities recorded the lowest rate of 10.1 per cent.

Mr. Agyemang-Duah said the monthly changes in the producer price index indicated that manufacturing recorded the highest rate of 3.0 per cent, followed by utilities with 0.5 per cent.

Mining and quarrying, however recorded a decline of 0.1 per cent.**