Ghana: GSS Releases Producer Price Index (PPI) for November 2013

press release

Between November 2012 and November 2013, the country's year-on-year Producer Price Inflation (PPI) increased by 13.7%, representing an increase in producer price inflation by 2.1% points, relative to the 11.6% rate recorded in September 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 October 2013 and November 2013 was 1.5 %.

Dr Philomena Nyarko said in November 2013, the PPI in the mining quarrying sub-sector increased by 2.8 percentage points over the October 2013 rate of -17.7%, to record -14.9%.

She said the Manufacturing sector, which constituted more than two-thirds of total industry, increased by 2.2 percentage points to record 15.5% while the rate for the utilities sub-sector rose by 0.3 percentage points relative to the October 2013 rate of 40.5% to record 40.8% in November 2013.

She said during the twelve-month period from November 2012 to November 2013, the highest year-on-year inflation of 17.1% for all industry was recorded in December 2012 and the lowest of 4.7% was recorded in August 2013.

Furthermore, she said, the PPI fluctuated from November 2012 until March 2013 when it declined continuously over a five-month period to record the lowest rate of 4.7% in August 2013, inching up to record 5.8% in September 2013, increasing sharply to 11.6% in October 2013 and increasing further to 13.7 in November 2013.

Dr Nyarko said in the month of November 2013, seven out of sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 15.5% 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-5.5% over the one-year period.

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

The rate, she said, increased consistently to record 33.6% in September 2013 as a result of increases in prices of petroleum products while in October 2013, the rate decreased to record 30.0% and increased in November 2013 to 34.8%due to increases in petroleum prices.

According to Dr Bediako, the figures for the month of November remained provisional and were subject to change when additional data became available.

The 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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