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Ghana PPI inches up 0.1 percentage points in May

Xinhua, June 23, 2016 Adjust font size:

The rate of increase in factory gate prices saw a slight improvement leading to a 0.1 percentage point increase in the Producer Price Index to 11.3 percent in May, 2016, compared with the revised rate of 11.2 percent recorded the previous month, the Ghana Statistical Service (GSS) announced on Wednesday.

The provisional PPI for the month of April was 13. 2 percent but it was revised downwards to 11.2 percent after full data became accessible, Philomena Nyarko, Government Statistician, explained to the media.

The monthly change rate for the period between April 2016 and May 2016 was 0.9 percent, relative to the -0.1 percent recorded for the period between March 2016 and April 2016.

The mining and quarrying sector saw the highest price change of 0.4 percentage points to record -1.4 percent inflation rate during the month under review, relative to the -1.8 percent recorded the previous month.

The manufacturing sector, which constitutes more than two-thirds of all industry, also saw a 0.1 percentage point rise to record 9.2 percent inflation in May 2016, relative to the April 2016 rate of 9.1 percent.

The utilities sector on the other hand recorded a slight decrease of 0.1 percentage points in price change to record 37 percent inflation in May 2016, compared with the 37.1 percent recorded in April 2016.

"The monthly changes in the PPI indicated that mining and quarrying recorded the highest monthly change rate of 2.4 percent, followed by the manufacturing sub-sector with 0.7 percent," Nyarko stated.

The utilities sub-sector recorded the lowest monthly inflation rate of 0.1 percent. Endit