Ghana’s producer price inflation jumps to 15.25% in January 2012

The annual Producer Price Inflation (PPI) increased to 15.25 per cent in January year-on-year from a revised figure of 13.65 per cent in December 2011, the Ghana Statistical Service said on Wednesday.

The all industry monthly inflation is 5.40 per cent.

On specific industry performance, mining and quarrying sector recorded the highest year-on-year rate of 27.99 per cent while the manufacturing sector decreased to 14.68 per cent from 15.25 per cent in December.

Utilities recorded the lowest rate of 9.33 per cent for the period.

Dr Philomena Nyarko, Acting Government Statistician, said the high contribution of the mining and quarrying sector was because gold was tracking the high international gold prices.

Petroleum prices have been relatively stable since a sharp rise in January 2011, recording 23.80 per cent inflation rate for January 2012.

“The monthly change rate indicated that mining and quarrying recorded the highest monthly rate of 7.84 per cent, followed by manufacturing 6.12 per cent and utilities 0.25 per cent,” Dr Nyarko said.

Dr Nyarko said six out of the 16 major groups in the manufacturing sector recorded inflation rates higher than the sector’s average of 14.68 per cent.

The manufacture of machinery and equipment recorded the highest inflation rate of 38.05 per cent whilst manufacture of motor vehicles, trailers and semi-trailers recorded the lowest rate of 2.33 per cent.

Source: GNA