The year-on-year Producer Price Inflation (PPI) decreased to 14.5 percent in February 2016 from the revised 16.9 percent recorded in January 2016.
This represent a 2.4 percentage point decrease in the PPI rate recorded in February 2016 relative to what was recorded in January 2016.
The month-on-month change between January 2016 and February 2016 was zero percent.
The Producer Price Index measures the average change overtime in prices received by domestic producers for the production of their goods and services.
Explaining the development to the media, the Government Statistician, Dr. Philomena Nyarko said,
“The decline was as a result of the decrease in the inflation rate in the utilities and manufacturing sub-sectors. The decline in the manufacturing sub-sector was as a result of decreases in the manufacturing of coke and refined petroleum products group, this was as a result of the decreases in the prices of petroleum prices in February 2016.” She stated.
The monthly change in the producer price index shows that mining and quarrying recorded the highest monthly change rate of 7.8% followed by the manufacturing sub- sector with 0.2% but the index for utilities sub-sector was negative 7.9%.
Source: citibusinessnews