Producer Price Inflation (PPI) rate for May 2016 increased from a reviewed of 11.2 % to 11.3% in April this year.
And between April and May 2015, there was a 0.1% point decrease in the producer inflation rate whiles the month on month change in the producer price index between April and May 2016 was 0.9%.
Government Statistician, Dr. Philomena Nyarko, who revealed this at a press conference yesterday in Accra said inflation in the mining and quarrying sub-sector, increased by 0.4% points over the April 2016 rate of 1.8%, to 1.4% in May 2016.
Dr. Nyarko noted that the manufacturing sector, which constitutes more than two-thirds of total industry, increased by 0.1% points to record 9.2%, whiles the utilities sub-sector recorded an inflation rate of 37.0% in May 2016, indicating a slight decrease of 0.1 % points over the April 2015 rate of 37.1%.
She said during the month of May, ten out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 9.2 whiles the manufacture of paper and paper products recorded the highest inflation rate of 41.9%, with publishing, printing and recorded media scored the lowest inflation rate of -5.7%
In the petroleum sub-sector, she said the inflation rate hit 9.6% in May 2015, whiles the rate increased to -0.01% in June the same year.
Subsequently she explained that the rate declined consistently to a record of 34.5% in October 2015. She however said the rate increased to -21.8% in December 2015 and rose further to record 3.3% in January 2016.
Dr. Nyarko further noted that the rate declined to 0.5% in February 2016 but increased to record of 2.9% in March 2016 as a result of base drift effect.
The rate, she said increased again to 6.5 % in April 2016 but declined to 6.1% in May 2016.
The Year-on-year inflation for all industry was 11.3% May 2016 whiles the monthly change rate was 0.9%.
Dr. Nyarko also said that the utilities sub-sector recorded the highest year-on-year PPI rate of 37.0%, followed by the manufacturing sub-sector with 9.2%, and the mining and quarrying sub-sector recording the lowest year-on-year inflation rate of -1.4%.
“The monthly change in the PPI indicates that the mining and quarrying recorded the highest inflation rate of 2.4%, followed by the manufacturing sub-sector with 0.7%, whiles the utilities sub sector recorded the lowest rate of 0.1%,” she indicated.
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