The Producer Price Inflation (PPI) for September 2018 has recorded a drop to 5.6 percent from 7.0 percent recorded in August 2018, representing 1.4 percentage point decrease.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
In a press briefing, 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 in the Mining and Quarrying subsector and the manufacturing sub sector”, he stated.
The producer inflation in the Mining and quarrying sub sector decreased by 1.5 percentage points over the August 2018 of 1.9 percent to record 0.4 percent in September 2018.
The Manufacturing sub-sector, which constitutes more than two thirds of total industry, witnessed a decrease 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.
By Joshua W. Amlanu