Producer inflation falls to 7%

Producer inflation fell for a third consecutive month to 7 percent in June, the Ghana Statistical Service said.

The rate fell from a May figure of 8.3 percent and was 0.6 percent on month-to-month basis. Manufacturing inflation was the highest by sector, registering 10.6 percent, followed by utilities with 0.6 percent while mining and quarrying recorded a negative rate of 1.4 percent.

Dr. Philomena Nyarko, Government Statistician, told a media conference in Accra that between June and July 2012 producer inflation rose steadily and then fluctuated until December 2012.

However, from December 2012 to February 2013 the rate declined to 9.1 percent, but increased steadily to 10.6 percent in March 2013 and subsequently declined consistently to 7 percent in June.

Manufacturing record a monthly inflation rate of 1.1 percent, while mining and quarrying saw a fall of 0.8 percent, with the utilities sub-sector remaining virtually unchanged.

Manufacturing trends

During the month, six out of the 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 10.6 percent.

Manufacture of paper and paper products recorded the highest inflation rate of 25.2 percent while producer prices in the manufacture of electrical machinery and apparatus recorded the lowest inflation rate of -0.1 percent.