Ghana’s producer price inflation for February 2012 jumps by 16.14%

The Annual Producer Price Inflation (PPI) increased by 16.14 per cent between February 2011 and February 2012, bringing the year on year change to 1.13 per cent, the Ghana Statistical Service said in Accra on Wednesday.

This shows a month on month change in producer prices of 2.06 per cent, following a rate of 5.15 per cent in January 2012.

The Mining and Quarrying sector recorded the highest year on year producer inflation rate of 39.26 per cent, with a monthly change rate of 8.29 per cent.

Dr Philomena Nyarko, Acting Government Statistician noted that the rise of year on year producer rate for mining and quarrying was a result of the increase in fuel prices.

This is followed by the manufacturing sector with 13.70 per cent, with a monthly change rate of 1.14 per cent.

Six out of the 16 major groups in the manufacturing sector recorded inflation rate higher than the sector average of 13.70 per cent while manufacture of motor vehicles, trailers, semi trailers recorded the lowest of 0.75 per cent.

Utilities sector is barely unchanged at 9.43 per cent with a month on month rate of 0.15 per cent.

Source: GNA