Gold prices push producer inflation up to 7.6%

25.10.17

The Producer Price Inflation (PPI) increased to 7.6 percent in September 2017.

The figure went up by 1 percent from the 6.6 percent recorded in August 2017. The Producer Price Inflation measures the average change over time in the prices received by domestic producers for the production of their goods and services. The Acting Government Statistician, Baah Wadieh explains to Citi Business News that the gradual rise in the prices of gold and petroleum products contributed to the increase in the producer price inflation. “Increases in gold price on the international market; we observed that the prices of the mineral went up by about 2.9 percent and that went into the increase that was witnessed in September.”

“Apart from gold, manufacturing also contributed to the increase in the PPI. For manufacturing, there was an increase of 8.5 percent from the 7.5 percent recorded in August. Its increase was also due to increase in petroleum prices.” Meanwhile the mining and quarrying subsector recorded the highest inflation of 11.2 percent. It was followed by manufacturing with 8.5 percent. The utilities subsector recorded the least inflation of 0.6 percent in September.

Source: www.citibusinessnews.com