The month of July recorded a Producer Price Index (PPI) of 2.0 percent, the lowest in about two years.

The figure is down from the 3.2 percent recorded the previous month.

According to the Ghana Statistical Service, the development was as a result of the plummeting prices of Gold on the world market. The Producer Price Index measures the average change overtime in the prices received by domestic producers for the production of goods and services.

According to the acting government statistician Baah Wadie, the “big drop” was recorded as a result of two significant changes.

“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,” he noted.