The Producer Price Inflation (PPI) rate for December 2014 fell to 34.2 per cent, down from a revised 37.6 per cent recorded in November 2014, the Deputy Government Statistician Mr Baah Wadieh said on Wednesday.

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

Mr Wadieh said the fall in global oil prices accounted for the decline in the PPI.

The rate in the petroleum sub-sector fell to 30.9 per cent in December from 61.1 per cent in November as a result of reduction in prices of petroleum products.

The Mining and Quarrying sub-sector increased by 2.7 percentage points to 43.3 per cent over the November 2014 rate of 40.6 per cent.

On the other hand, manufacturing, which constitutes more than two-thirds of total industry, fell by 6.1 percentage points to record 33.1 per cent.

The utilities sub-sector recorded producer price inflation rate of 27.5 per cent, a marginal decrease of 0.1 percentage point over the November 2014 rate of 27.6 per cent.