Monday, April 2, 2012

Producer inflation jumps to 16.1%

Annual producer-price inflation rose by more than one percentage point to 16.1% in February from 15% the month before, according to the Ghana Statistical Service.

The rise in producer inflation was mainly driven by rising gold prices on the world market.

Prices in the mining and quarrying sector increased at an annual rate of 39.3% in February, up from 28% in January. Within the month, mining and quarrying prices rose by 8.3%.

“This is largely due to an increase in gold prices on the world market,” Dr. Philomena Nyarko, acting Government Statistician, told a media conference in Accra.
Spot gold prices were up by 26% year-on-year in February, trading at an average of US$1,741.

Manufacturing price inflation, a sector which constitutes more than two-thirds of the producer basket, decreased marginally to 13.7% from a rate of 14.3% in January. The utilities sector saw producer inflation rise slightly from 9.3% to 9.4%.

Manufacture of machinery and equipment recorded the highest inflation rate of 38.1% in the manufacturing group, while manufacture of motor vehicles, trailers and semi-trailers recorded the lowest rate of 0.75%.

Six out of the 16 major groups in the manufacturing sector recorded inflation rates higher than the sector average of 13.70%.

During the 12-month period from February 2011 to February 2012, the producer inflation rate rose steadily from February 2011 (22.29%) and peaked in April 2011 (24.29%). It declined between May and June, and resumed the increase until September 2011 (19.59%).

It again declined in October 2011 and increased slightly in November 2011, recording a rate of 17.28% before declining to an end-year rate of 13.65%.

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