Ghana’s Producer Price Index – which measures average changes in the prices of goods and services in the economy over a period, dropped by 2% for July 2017.
According to a release by the Ghana Statistical Services on Wednesday August 23, 2017, the decline recorded at the end of July represents a 1.2% point decrease in comparison with the rate recorded in June.
Addressing a press conference in Accra on Wednesday, the Acting Government Statistician Baah Wadieh, said the decline in PPI for July was mainly due to fluctuations in the country’s mining and quarrying sub-sector (caused by falling global gold price).
Mr. Baah explained that the country “recorded that great drop in the mining and quarrying sub-sector because there were two significant changes that took place; there was the base drift effect and the price of gold on the world market declined almost by about two percentâ€.
“It is because of this decline in the mining and quarrying sub-sector which pulled down the PPI from the producers’ perspectiveâ€, he said.
He provided further details as follows:
