The Producer Price inflation (PPI) for the month of November 2016 has jumped to 11.9% from 9.7 percent recorded in October.
Making the announcement Wednesday, December 28th, Acting Government Statistician Baah Wadieh stated that inflation rate of utilities which include electricity and water, as well as the rate of mining and quarry were the main contributing factors.
“This rate indicates that between November 2015 and November 2016 year-on-year, the PPI increased by 11.9%. This rate represents a 2.2 percentage point increase in the producer price inflation relative to the rate recorded in October 2016 (9.7%).”
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.
Mr. Wadieh also announced that Ghana’s Gross Domestic Product (GDP) for the 3rd quarter of 2016 stands at 4 per cent, up from the 2.5 percent recorded in the 2nd quarter.
According to him, oil contributed significantly to the upward trend.