Producer inflation rises to 11.1% in July

InflationYear on year industry inflation (PPI) for August rose to 11.1 per cent, representing an increase of 0.7 percentage point over the 10.4 per cent recorded in July.

That is, ex-factory prices of goods and services for all industry increased on average by 11.1 percent in August 2016 relative to the price level recorded in August 2015.

Month-on-month inflation change in producer price index between July and August stood at -3.3 per cent.

Year-on year inflation in the Mining and Quarrying sector fell by 2.0 percentage points to 28.4 per cent compared was 30. 4 per cent.

Manufacturing, which constitutes more than two-thirds of total industry, increased by 1.3 percentage points to record 2.5 per cent while the Utilities sub-sector recorded the highest of 36.0 per cent, a decline of 0.6 percentage point from the 36.6 per cent in July.

Dr Philomena Nyarko, the Government Statistician, said the inflation rate in the petroleum sub-sector increased to -16.3 per cent in August up from -19.3 per cent in July.

Source: GNA

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