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Rise in prices of petroleum products increases December PPI

  • SOURCE: Citifmonline | Editor
  • The Producer Price Inflation (PPI), which measures the average change over time in the prices received by domestic producers for their goods and services has increased to 8.9 percent.

    The figure, which is for the month of December 2017 represents a 0.9 percent points increase in producer inflation compared to the rate recorded in November 2017 which was at 7.1 percent

    Speaking at a press conference in Accra, Deputy Government Statistician, Anthony Amuzu said the increase was influenced by the rise in the prices of petroleum products in December last year.      

    “In November 2017 there was a decline in the inflation for the petroleum industry but then in December there was another sharp rise and that accounted for the increase in December compared to November 2017. That was largely the contributor to inflation moving up in December 2017”, he said.

    Meanwhile, the Mining and Quarrying subsector recorded the highest year on year producer inflation rate of 19.1 percent, followed by the manufacturing subsector with 8.8 percent.

    The utilities subsector recorded the lowest year on year producer inflation rate of 0.4 percent.

    With respect to the monthly changes, Manufacturing recorded the highest rate of 1.5 percent.

    The utilities subsector also recorded no change, while the Mining and Quarrying sub-sector recorded the lowest rate of -0.6 percent.

    The PPI for Ghana reports the producer price indices with reference to September 2006, the base period

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