The rate of change in prices received by manufacturers of goods and services for their products and services at the factory gate (Industry Inflation) increased by two percentage points to 5.4 percent in February compared with the 3.4 percent recorded a month earlier, Ghana Statistical Service (GSS) has announced.
The monthly change rate was also two percent during the month under review compared with the 0.3 percent recorded in January.
David Kombat, Acting Government Statistician attributed this change in the rate of industry inflation to the rise in the inflation rate for Mining and Quarrying as well as the Manufacturing sectors
The Mining and Quarrying sub-sector recorded an increase of five percentage points to record a 13.4 inflation rate in February compared with the 9.9 percent recorded in January.
The Manufacturing sector which had recorded a three percent inflation in a month earlier increased by two percentage points to five percent during the month under review while the utilities sector inched up by a marginal 0.1 percentage points to 0.2 percent.
Since the Mining sector which has gold as its major export commodity has great influence on the industry sector, any change in gold prices globally inures to the benefit of the industry in Ghana. (The price for export commodities is calculated in the local currency equivalent of the foreign currency received).
Meanwhile with the eight percent appreciation of the US Dollar against the local cedi currency between January and early March, exporters also benefitted in terms of their returns in the local currency leading to the higher figures for industry inflation. Enditem