Producers’ inflation drops to 5.6% in September 2018
The Producer Price Inflation (PPI) for September 2018, reached 5.6%.
This is down from the 7.0% recorded in August 2018.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Speaking to Citi Business News on the change, the Acting Government Statistician, Baah Wadieh explained that the decrease was as a result of the decrease in inflation rates in the mining and quarrying as well as manufacturing subsectors.
“The decrease in the oil industry inflation rate from 7.0 percent in August to 5.6 percent in September 2018 was the result of decreases in the inflation rate of in the Mining and Quarrying subsector and the manufacturing sub-sector”, he stated.
He added: “Therefore the decrease in these are the main causes for the decline in the producer inflation rate we observed and these declines triggered the decline in the all industry inflation rate”.
The producer price inflation in the Mining and quarrying subsector decreased by 1.5 percentage points over the August 2018 of 1.9 percent to record 0.4 percent in September 2018.
The producer inflation for Manufacturing which constitutes more than two-thirds of total industry decreased by 1.7 percentage points to record 8.3 percent.
The utilities sub-sector recorded inflation rate of -0.2 percent in September 2018, which was the same rate recorded in August 2018.
With regards to the monthly changes, Manufacturing recorded the highest inflation rate of 8.3% followed by Mining and Quarrying sub-sector which recorded 0.4 %.
The utilities subsector recorded the lowest inflation rate of -0.2 %.