October PPI increases slightly to 9.8%

The Producer Price Index (PPI) has marginally increased to 9.8% for the month of October.

The rate indicates that between October 2015 and October 2016, the PPI increased by 9.8 percent.

This represents a 0.1 percentage point increase in producer inflation relative to the 9.7 percent rate recorded in September 2016.

Speaking at the press conference in Accra, the Acting Government Statistician, Mr. Baah Wadieh attributed the marginal increase to activities in the manufacturing sector.

“The slight increase we are seeing is as result of the manufacturing sub – sector which had seen the petroleum products hikes in the last pricing window and also chemical and chemical products.”

“Also with respect to the changes, the manufacturing sub – sector recorded the highest rate of 0.9 percent while the mining and quarry sub sector recorded the lowest rate of negative 3.9 percent.”

He said even though the Utilities sub – sector in the month of October saw no change, it recorded the highest year on year producer price inflation rate of 38.2 percent, followed by the mining and quarry sector with 14.7 percent.

He said the manufacturing sector recorded the lowest year – on – year inflation rate of 3.0 percent.

“During the month of October 2016, ten out of the sixteen major groups in the in the manufacturing sub-sector recorded inflation rates higher that the sector average of 3.0 percent,” he said.

Mr Baah Wadieh added that the manufacturing of woods and products of wood and cork recorded the highest inflation rate of 49.2 percent while manufacturing of coke, refined petroleum products, and nuclear fuel recorded the lowest producer price inflation rate of negative 7.4 percent.

pulse.com.gh