Factory Prices Drop To 3.1%

Acting Government Statistician, Baah Wadieh (right) at a press conference

Year-on-year inflation in ex-factory prices of goods and services was 3.1 percent in January 2017, 1.7 percentage points lower than the rate recorded in December 2016 which was 4.9 percent.

The monthly change rate was 2.1 percent, which means that compared to December 2016, the PPI increased by 2.1 percent in January 2017.

Ex-factory price refers to the cost a manufacturer charges a distributor or other buyer to purchase products directly from the source.

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 18.6 percent, followed by the manufacturing sub-sector with 2.4 percent.

The utilities sub-sector recorded the lowest year-on-year inflation rate of -6.8 percent.

With respect to the monthly changes, Mining and Quarrying recorded the highest rate of 4.9 followed by Manufacturing Sub-sector with 2.0 percent.

The utilities sub-sector recorded the lowest rate of 0.2 percent.

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By Cephas Larbi