24 April 2014

Ghana: GSS Releases Producer Price Inflation for March 2014

press release

Between March 2013 and March 2014, the country's year-on-year Producer Price Inflation (PPI) increased by 27.8%, representing an increase in producer price inflation by 0.7% points, relative to the 27.1% rate recorded in February 2014.

Deputy Government Statistician, Mr Baah Wadieh, who disclosed this at a news conference in Accra, yesterday, added that the month-on-month change in producer prices between February 2014 and March 2014 was 3.1 %.

Mr Wadieh said in March 2014, the PPI in the mining quarrying sub-sector increased by 11.4 percentage points over the February 2014 rate of 3.1%, to record 14.5%.

He said the manufacturing sector, which constituted more than two-thirds of total industry, decreased by 2.2 percentage points to record 25.0% while the rate for the utilities sub-sector rose marginally to record 56.1% in March 2014.

He said during the twelve-month period from March 2013 to March 2014, the highest year-on-year inflation rate of 27.8% for all industry was recorded in March 2014.

Furthermore, he said, over the five-month period between April and August 2013, the rate declined continuously to record the lowest rate of 4.7% in August 2013, inching up to record 5.8% in September 2013.

Mr Wadieh said the PPI had subsequently increased consistently over the last five months to record 27.8% in March 2014, the highest in four years, since January 2010.

He said in the month of March 2014, five out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 25.0% 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, he said, from March 2013, the PPI increased consistently to record 33.6 % in September 2013, fluctuated between October and December 2013, after which it increased consistently to record 56.1% in February 2014 and declined to record 44.7% in March 2014.

According to Mr Wadieh, the monthly changes in the PPI indicated that mining and quarrying recorded a monthly inflation rate of 8.5% while the manufacturing sub-sector recorded 2.5% with the utilities sector recording the lowest monthly rate of 0.3%.

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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