The Producer Price Index (PPI) for July 2017 has dropped to 2.0 percent.

This is the lowest in about two years.

In June 2017, the PPI recorded was 3.2 percent.

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According to the Acting Government Statistician Baah Wadie attributed the significant drop to two factors.

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“We recorded that big drop as a result of two significant changes that took place; base drift effect and the prices of gold on the world market declined almost by 2% and these two factors contributed to the decline in inflation that we observed.”

The Producer Price Index measures the average change over time in the prices received by domestic producers for the production of goods and services.