Inflation hits 21.8%

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The producer price inflation rate for February, 2015 hit 21.8 percent.

Inflation
Inflation

Speaking at a news conference in Accra ,Government statistician Dr. Philomina Nyarko explains that, the rate indicate that between February 2014 and February 2015 thus the year on year, the PPI increased by 21.8 percent, representing a 1.8 percentage point decrease in producer inflation relative to the ate recorded in January 2015 (23.6).
She said the month on month change in producer price index between January and February 2015 was 1.4 percent.
Dr. Nyarko explain that in the mining and quarrying sub sector deceased y 7.1 percent points over the January 2015 rate of 36.4 percent, to record 29.3 percent in February 2015.
?Manufacturing, which constitutes more than two thirds of total industry, also decreased by 1.0 percent pint to record 21.6 percent? she said.?
The Utilities sub sector recorded an inflation rate of 15.7 percent in February 2015, suggesting 0.1 percentage point decrease over the January 2015 rate of 15.8percent.
She said the ex- factory prices of goods and service was 211.8 percent for February 2015.From February 2014, producer price inflation began an upwards trend and increased consistently over six months to record 48.6 percent in August 2014.However the rate has consistently declined since then to record 21.8 percent in February 2015.
Manufacture of basic metals recorded the highest inflation rate of 56.9 percent while the manufacture f tanning and dressing of leather recorded the lowest producer price inflation rate.
She added that inflation rate in the petroleum sub-sector was 56.1 percent in February 2014, but decline in March to record 44.7 percent.

By Anita Frimpong

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