The Producer Price Index (PPI) which measures the average change over time in the prices received by domestic producers for the production of goods and services for June has increased to 23.1 percent.

?This rate indicates that, between June 2014 and June 2015, the PPI increased by 23.1 percent, representing a 4.3 percentage point increase in producer inflation relative to the rate recorded in May 2015?, Government Statistician Dr. Philomena Nyarko announced .

According to her, the month-to-month change in producer price index between May and June 2015 was 4.4 percent.

She explained that the producer price inflation for the mining and quarrying sub-sector increased by 4.6 percentage points over the May 2015 rate of 25.4 percent to record 30.0 percent in June 2015.

?Manufacturing, which constitutes more than two-thirds of total industry increased by 5.2 percentage points to record 21.9 percent?.

Dr. Nyarko stated that the Utilities sub-sector recorded an inflation rate of 20.8 percent in June 2015, indicating a marginal increase of 0.2 percentage point over the May 2015 rate of 20.6 percent.

On trends, she pointed out that the year-on-year inflation in ex-factory prices of goods and services was 23.1 percent for June 2015.

?From June 2014, the producer price inflation began an upward trend and increased consistently over three months to record 48.6 percent in august 2014?.

She however stated that, the rate consistently declined to record 19.2 percent in March 2015.

?It inched up to record 19.5 percent in April 2015, and then declined to 18.8 percent in May 2015.It however, increased again in June 2015 to record 23.1 percent?.

She explained that during the month of June 2015, ten out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 21.9 percent.

?Manufacture of rubber and plastic products recorded the highest inflation rate of 58.7 percent, while the manufacture of coke and refined petroleum products recorded the lowest producer price inflation rate?.

On the Petroleum Price Index, Dr. Nyarko stated that the inflation rate in the sub-sector was 44.7 percent in June 2014.

?It reached a peak of 77.3 percent in July 2014 and thereafter fluctuated until November, 2014 when it recorded a rate of 61.1 percent.

Subsequently, the rate steadily declined to record -8.7 percent in March 2015 and -9.6 in May 2015 as a result of base drift effect and the decrease in ex-refinery prices of petroleum products, she said.

She stated that the rate however, increased in June 2015 to record -0.01 percent as a result of the increase in petroleum prices.


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