PRODUCER PRICE INFLATION Manufactures record higher prices in June as PPI hits 7.7%

Manufactures in the country had to pay more for the prices of goods and services they used in the month of June compared to the month of May.

This is because the Acting Government Statistician Baah Wadieh has announced that the Producer Price index for June 2018 increased to 7.7% from the may figure of 7.1%

Speaking to the media the acting government statistician said the rate represents a 0.6 percentage point increase in producer inflation relative to the rate recorded in May 2018 which was 7.1%.

The month-on-month change in producer price index between May 2018 and June 2018 was 1.2 %,

Mr Baah Wadieh said the producer price inflation in the mining and quarrying sub-sector decreased by 3.1 percentage point over the May 2018 rate of 8.9 % to record 5.8 % in June 2018.

He said the producer inflation for manufacturing which constitutes more than two-thirds of total industry increased by 1.6 percentage points, to record 10.2 %.

The utilities sub-sector recorded an inflation rate of 0.2% in January 2018 indicating a decrease of 0.2 percentage point relative to the rate recorded in December 2017.

For manufacturing, the Statistician said during the month of June 2018, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.2%.

“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 44.2% while manufacturing of food products and beverages recorded the lowest producer price inflation rate of -1.9%.