Producer Inflation Rate rises to 5.4 per cent in February

Google+ Pinterest LinkedIn Tumblr +

The year-on-year Producer Price Inflation (PPI) rate for February 2017 rose to 5.4 per cent, an increase of 2.3 percentage points from the 3.1 per cent recorded in January 2017.

The monthly change rate for February was 2.2 per cent.

The Acting Government Statistician, Mr Baah Wadieh at a press briefing in Accra, attributed the increase to the rise in all the three sectors measured.

Mining and Quarrying recorded the highest year-on-year producer price inflation rate of 19.7 per cent, followed by the Manufacturing subsector with 3.5 per cent.

The Utilities sub-sector also recorded the lowest year-on-year producer inflation of 1.3 per cent.

With regard to the monthly changes, the Mining and Quarrying recorded the highest rate of 8.9 followed by manufacturing sub-sector with 1.3 per cent.

The Utilities sub-sector again recorded the lowest rate of 0.2 per cent.

The producer inflation rate in the petroleum subsector was 0.5 per cent in February but increased to 2.9 per cent in March 2016 as a result of the base drift effect.

During the month of February 2017, 11 out of sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.5 per cent.

Tanning and dressing of leather recorded the highest inflation rate of 39.0 per cent, while manufacturing of other non-metallic minerals products recorded the lowest producer price inflation of -2.2 per cent.

Share.

About Author

Leave A Reply