The producer price inflation
rate for January 2016 recorded a surge of 16.30 percent, representing a 5.30
percentage point increase in producer inflation relative to the rate recorded
in December 2015 of 11.00 percent.
The increase was largely
driven by the continuous surge in prices of utilities that had a drastic impact
on the cost of operations for various industries in the country during the
period under review.
Dr. Philomena Nyarko, the
Government Statistician presenting the Producer Price Index (PPI) at a media
conference in Accra, explained that in all the utilities sub-sector recorded
the highest year-on-year producer price inflation rate of 56.60 percent,
followed by the manufacturing sub-sector with 11.40 percent; while the mining and
quarry sub-sector recorded the lowest year-on-year inflation rate of 2.90 percent.
She said the producer price inflation in the mining
and quarry sub-sector decreased by 1.9 percentage points over the December
20115 rate of 4.80 percent, to record 2.90 percent in January, 2016.
She said manufacturing, which constituted more than two-thirds of the total industry, increased by 7.70 percentage points to record 11.40 percent.
Dr. Nyarko said from January 2015, the producer price inflation rate consistently declined to record 19.20 percent in March 2015; subsequently, the rate fluctuated to record 23.10 percent in June 2015.
“The rate declined consistently from 10.20 percent in July 2015 to 2.90 percent in October 2015. However, it increased consistently to record 11.00 percent in December 2015 and in January 2016, when the rate increased to record 16.30 percent,” she said.
Dr. Nyarko said during the month of January 2016, 10 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 11.40 percent.
She said the manufacture of chemicals and chemical products recorded the highest inflation rate of 39.40 percent, while the manufacture of basic metals recorded the lowest producer price inflation rate of negative 2.30 percent.
On petroleum price index, she said the inflation rate in the petroleum sub-sector was 4.30 percent in January 2015; subsequently, the rate declined to record a negative 9.60 percent in May 2015 due to the combined effect of base drift and decrease in ex-refinery prices of petroleum products.
“In August 2015, the rate further declined to 28.00 percent and then to negative 34.50 percent in October 2015 as a result of decreases in the price of petroleum products.
“It however increased to negative 21.80 percent in December 2015. In January 2016, the rate rose sharply to record 3.30 percent as a result of increases in the prices of petroleum products,” she said.
On the monthly changes in the PPI, the manufacturing sector recorded the highest monthly change rate of 4.30 percent, followed by the mining and quarry sub-sector with 2.30 percent; however, the index for the utilities sub-sector remained unchanged.
She said manufacturing, which constituted more than two-thirds of the total industry, increased by 7.70 percentage points to record 11.40 percent.
Dr. Nyarko said from January 2015, the producer price inflation rate consistently declined to record 19.20 percent in March 2015; subsequently, the rate fluctuated to record 23.10 percent in June 2015.
“The rate declined consistently from 10.20 percent in July 2015 to 2.90 percent in October 2015. However, it increased consistently to record 11.00 percent in December 2015 and in January 2016, when the rate increased to record 16.30 percent,” she said.
Dr. Nyarko said during the month of January 2016, 10 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 11.40 percent.
She said the manufacture of chemicals and chemical products recorded the highest inflation rate of 39.40 percent, while the manufacture of basic metals recorded the lowest producer price inflation rate of negative 2.30 percent.
On petroleum price index, she said the inflation rate in the petroleum sub-sector was 4.30 percent in January 2015; subsequently, the rate declined to record a negative 9.60 percent in May 2015 due to the combined effect of base drift and decrease in ex-refinery prices of petroleum products.
“In August 2015, the rate further declined to 28.00 percent and then to negative 34.50 percent in October 2015 as a result of decreases in the price of petroleum products.
“It however increased to negative 21.80 percent in December 2015. In January 2016, the rate rose sharply to record 3.30 percent as a result of increases in the prices of petroleum products,” she said.
On the monthly changes in the PPI, the manufacturing sector recorded the highest monthly change rate of 4.30 percent, followed by the mining and quarry sub-sector with 2.30 percent; however, the index for the utilities sub-sector remained unchanged.
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