Oct. producer inflation jumps to 19.6%

Year-on-year producer inflation rose to 19.6 percent in October, gaining 2.8 percentage points from the September figure, the Ghana Statistical Service (GSS) has said.

Mining and quarrying recorded the highest annual producer inflation rate of 30.8 percent, followed by manufacturing…22.2 percent, and utilities…2.9 percent.

The monthly changes in the producer price index indicated that manufacturing recorded the highest rate of 1.3 percent.

Mr. Baah Wadieh, Acting Deputy Government Statistician in charge of Technical Support, speaking at a media briefing in Accra, explained that October’s producer inflation rate is the highest in the last 12 months.

From January to May 2012, producer inflation fluctuated between 15 percent and 16.6 percent.

However, in June 2012 the rate rose to 19.1 percent but declined slightly in July 2012 to 19 percent before further dropping to 17.8 percent in August.

The declining trend continued, with September 2012 recording an inflation rate of 16.8 percent.

Manufacturing Sector

During the month under review, six out of the 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 22.2 percent.

Publishing, printing and reproduction of recorded media witnessed the highest inflation rate of 42 percent, while manufacture of machinery and equipment recorded inflation of negative 0.3percent.

Petroleum Sector 

During the last 12 months, producer inflation in the petroleum sector exhibited a downward trend. The highest inflation rate in the industry was recorded in October 2011 (26.6 percent) and the lowest in October 2012 (16.6 percent).