Good news for Ghana, the Producer Price Inflation (PPI), measuring the average change over time in the prices for the production of goods and services, for August 2018 has decreased to 7.0% showing a 1.2% drop.
The drop may be attributed to the drop to the price of gold on the world market, which affected the manufacturing subsector. Only three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.%.
“Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 41.%, while manufacture of other non-metallic mineral products recorded the lowest producer price inflation rate of minus 0.5%”. he said. On the Petroleum Price Index, the producer inflation rate in the petroleum sub-sector was 23.% in August 2017. Historically, it increased consistently to record 36.% in October 2017 but declined to 27.% in November 2017., and subsequently, the rate consistently increased to record 44.% in June 2018. The rate decreased to 42.% in July 2018 and then to 41.% in August 2018.