Manufacturing subsector drives PPI upwards to 7.1 %

Manufacturing sub-sector, in the month of May, drove up the producer inflation to 7.1 percent from 6.4 percent in April, the Acting Government Statistician, Baah Wadieh has noted.

This represents 0.7 percentage point increase over the previous month figure.

The producer price index measures the average change over time in the prices received by domestic producers for the production of their goods and services.

Wadieh noted that the increases in the manufacturing sub-sector were due to the rise in the prices of petroleum products.

The inflation rate for petroleum products increased from 15.9 percent in March 2018 to 22 percent in April and further up to 35.5 percent in May.

Five major groups in the manufacturing sub-sector recorded rates higher than the sector average of 8.6 percent.

Manufacture of coke, refined petroleum products and nuclear fuel recorded the highest rate of 35.5 percent, while manufacture of chemicals and chemical products recorded the lowest rate of -2.6 percent.

Mining and Quarrying sub-sector recorded a rate of 8.9 percent, while the utilities sub-sector recorded the lowest rate of -0.4 percent.