27 March 2014

Ghana: GSS Releases Producer Price Inflation for February 2014

press release

Between February 2013 and February 2014, the country's year-on-year Producer Price Inflation (PPI) increased by 27.1%, representing an increase in producer price inflation by 3.8% points, relative to the 23.3% rate recorded in January 2014.

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 January 2014 and February 2014 was 2.9 %.

Dr Philomena Nyarko said in February 2014, the PPI in the mining quarrying sub-sector increased by 8.9 percentage points over the January 2014 rate of -5.8%, to record 3.1%.

She said the manufacturing sector, which constituted more than two-thirds of total industry, increased by 3.0 percentage points to record 27.2% while the rate for the utilities sub-sector rose marginally to record 55.7% in February 2014.

She said during the twelve-month period from February 2013 to February 2014, the highest year-on- year inflation of rate 27.1% for all industry was recorded in February 2014. Furthermore, she said, between April and August 2013, the rate 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.

Dr nyarko said the PPI had subsequently increased consistently over the last five months to record 27.1% in February, the highest in four years, since January 2010.

Dr Nyarko said in the month of February 2014, five out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 27.2% 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-0.8% over the one-year period.

In the petroleum sub-sector, she said, from March 2013, the PPI increased consistently to record 33.6 %recorded a negative inflation of 1.3% in January 2013, rising in March 2013 and increasing consistently to record 33.6% in September 2013 and fluctuated between October and December 2014, after which it increased consistently to record 56.1% in Februay 2014

According to Dr Bediako, the monthly changes in the PPI indicated that the utilities recorded a monthly inflation of 10.2% while mining and quarrying recorded 9.4%, with the manufacturing sub-sector recording the lowest monthly rate of 5.9%.

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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