Ghana's PPI drops to record 34.2% in December

Ghana's annual producer price inflation (PPI) dipped by 3.4 percentage points to record 34.2 percent in December from 37.6 percent in the previous month, said the Ghana Statistical Service (GSS) on Wednesday.
Mining and quarrying sectors, which account for 13.97 percent of all industries, hit a record year-on-year inflation rate of 43.3 percent, a 2.7-percent increase from the previous month.
Inflation for the manufacturing sector, the largest industrial sub-group with 69.75 percent share of all industries, fell by 6.1 percentage points to a record 33.1 in December.
Inflation for the utilities sector, which account for 16.28 percent of all industries, dropped slightly by 0.1 percentage points from 27.6 percent in November to a record 27.5 percent in December.
The PPI had risen consistently for nine months until it peaked at 48.6 percent last August, and then started its downward trend.
Five out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the group average of 33.1 percent in December.