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Petroleum drives December producer inflation to 8.9%

  • SOURCE: Goldstreet Business | Editor
  • The petroleum sub-sector has mainly driven the Producer Price Inflation (PPI) for December 2017 to 8.9 per cent, from the 7.1 per cent recorded in November last year. This represents a 1.8 percentage point increment.

    At a press briefing in Accra on Wednesday, Mr Anthony Amuzu, the Deputy Government Statistician, attributed the rise in the rate of inflation to the sharp upsurge in the rates recorded in the petroleum industry. “In November 2017, there was a decline in the inflation for petroleum industry but then in December, there was another sharp rise. That accounted for the increase in December compared to November 2017,” Amuzu said.

    In January 2017, the rate declined to -6.9 per cent but increased consistently to 5.3 per cent in March 2017. It declined to -1.2 per cent in April 2017 and then to -4.5 per cent in May 2017. Subsequently, it increased consistently to record 36.9 per cent in October 2017 but declined to 27.7 per cent in November 2017. The rate then increased to 36.4 per cent in December 2017.

    For the month, five out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher that the group average of 8.8 per cent. These were the manufacture of coke, refined petroleum products, recording the highest inflation of rate of 36.4 per cent, whereas the manufacturing of food and of food products and beverage recorded the lowest producer price inflation rate of -2.2 per cent.

    The mining and quarry sub-sector recorded the highest rate of 19.1 per cent followed by the manufacturing sector with 8.8 per cent. The utilities sub-sector recorded the lowest inflation rate of 0.4 per cent, down from 0.5 per cent in 2017. The PPI measures the average change over time in the prices received by domestic producers for the production of goods and services.

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