Figures released by the Ghana Statistical Service (GSS) has shown that the Producer Price Index (PPI) ended 2017 with 8.9 percent, representing a 1.8 percentage points increase from the 7.1 percent recorded in November.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Commenting on what accounted for the rise in December, Deputy Government Statistician Anthony Amuzu attributed it to the steep rise of petroleum prices in December.
“You realise that in November 2017 there was a decline in the inflation for the petroleum industry; but then, in December, there was another sharp rise, and that accounted for the increase in December compared to what was recorded in November. So, largely, that was what contributed to inflation moving up in December,” he said.
Inflation in the petroleum subsector recorded 36.4 percent, compared to 27.7 percent in November and -0.1 percent in December 2016.
Further details of the release show that the mining and quarrying subsector recorded a rate of 19.1 percent, a 4.7 percent increase from the 14.4 percent recorded in November.
The manufacturing sector, which constitutes more than two-thirds of total industry, also increased – by 1.6 percentage points to record 8.8 percent.
Manufacture of coke, refined petroleum products recorded the highest inflation rate of 34.4; while manufacture of food, food products and beverage recorded the lowest inflation of -2.2 percent.
The utility subsector, however, recorded an inflation rate of 0.4 percent, indicating a decrease of 0.1 percentage points from what was recorded in November.
Compared to same period last year, the PPI for all industry was 4.8 percent, representing a 4.1 percentage points increase.