26 September 2013

Ghana Statistical Service Releases Producer Price Index for August 2013

press release

Between August 2012 and August 2013, the country's year-on-year producer price inflation increased by 4.7%, representing a decrease in producer price inflation by 0.3% points, relative to the 5.0% rate recorded in July 2013.

Government Statistician, Dr Philomena Nyarko, who disclosed this at a news conference in Accra, yesterday, added that the month-on-month change in producer prices between July 2013 and August 2013 was 1.0 %.

Dr Philomena Nyarko said in August 2013, the producer price inflation in the mining and quarrying sub-sector decreased by 1.0 percentage point over the July 2013 rate of -13.1%, to record -14.1%.

She said the Manufacturing sector―which constitutes more than two-thirds of total industry―was virtually unchanged, recording 10.8% from a rate of 10.9%, in July 2013 while the rate for the utilities sub-sector remained unchanged at the 0.39% points recorded in July 2013.

She said during the twelve-month period from August 2012 to August 2013, the highest year-on-year inflation of 19.1% for all industry was recorded in October 2012 and the lowest of 4.7% was recorded in August 2013.

Furthermore, she said, between August and November 2012, the producer price inflation fluctuated until December 2012 when it started declining to record 9.1% in February 2013, increasing steadily to record 10.6% in March 2013 and declined subsequently consistently over the five-month period to record 4.7% in August 2013.

Dr Nyarko said in the month of August 2013, seven out of sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 10.8% while the manufacture of machinery and equipment recorded the highest inflation rate of 76.0%, with producer prices in the manufacture of electrical machinery and apparatus recording the lowest inflation rate of-5.6% over the one-year period.

In the petroleum sub-sector, the inflation rate remained relatively stable between August 2012 and December 2012, dropping in January 2013 and subsequently rising in March 2013.

The rate, she said, remained unchanged in April 2013, increased steadily, however, thereafter, to record 19.3% in June 2013 while in July 2013, the rate declined to 18.5% due to slight declines in the prices of marine gas oil and aviation fuel, and increased to 24.7% in August 2013 as a result of increases in the prices of petroleum products.

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of goods and services.

The PPI for Ghana reports the producer price indices with reference to September 2006, the base period.

Source: ISD (G.D Zaney)

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