Producer Price Inflation drops to 6.5% in November

The Producer Price Inflation for November this year, reduced to 6.5 percent.

The drop represents a 0.7 percentage point decrease relative to the 7.2 percent recorded in October.

The Producer Price Inflation measures the average change over time in prices for the production of goods and services.

The Acting Government Statistician, Baah Wadieh attributed the drop to the decrease in the inflation rate of petroleum as well as food products.

The manufacturing sub sector recorded the highest year on year producer price inflation rate of 8.6 percent followed by the Mining and Quarrying subsector with 4.7 percent.

The utilities subsector recorded the lowest year on year producer inflation of negative 0.1 percent.

For the month of November, three out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 8.6 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 30.6 percent.

While manufacturing of machinery and equipment recorded no change.

source: citibusinessnews