March 2015 producer inflation slows to 19.1 percent in Ghana


Price rise for the industry sector declined 2.7 percentage points to 19.1 percent year-on-year for March 2015, compared with the 21.8 percent year-on-year growth the previous month, according to the Ghana Statistical Service (GSS).


Government Statistician Philomena Nyarko (Ph D), who disclosed this here on Wednesday, said the month-on-month rate for the month under review was 0.8 percent, an increase of 0.6 percentage points relative to the 1.4 percent recorded for the month of February.
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.
The PPI for Ghana relates prices in a particular month to those of the base period, September 2006.
?Although the mining and quarrying sector, with 13.97 percent share in all-industry, recorded the highest inflation of 23.0 percent, the rate represented a decline of 6.3 percentage points in March 2015, relative to the 29. 3 percent recorded in February,? said Nyarko.
In the same vein, manufacturing, with 69.75 percent share of all-industry, recorded 2.5 percentage points drop in inflation for March 2015 to record 19.0 percent inflation, relative to the 21.5 percent inflation it recorded the previous month.
Utilities, with 16.28 percent share of all-industry, on the other hand, saw a marginal increase from 15.7 percent inflation for February 2015 to 15.8 percent for March.
?Mining and Manufacturing dropped significantly during the month under review and so although Utilities increased marginally, the fall in Mining & Quarrying and Manufacturing caused the decline in inflation,? the Government Statistician explained.
Edward Afram-Asuo, head of Economic Statistics at the GSS, explained that since gold accounted for a majority of the mining sector, lower prices for gold on the world stage affected the output of the mining and manufacturing sector.
The country?s returns on gold for 2014 declined 10 percent to 4.5 billion U.S. dollars, relative to the 5.0 billion dollars realized in 2013.
?Since the manufacturing sector also contains petroleum prices, the slight drop in the prices of petroleum products this year affected output for Manufacturing, hence the lower inflation for that sector also,? he explained.
The inflation rate in the petroleum sub-sector was 44.7 percent in March 2014.
The rate started rising in April 2014 to record 48.2 percent in May 2014, according to data from the GSS.
Thereafter, the rate fluctuated until November 2014 to record 61.1 percent. Since then, the rate has consistently declined to record -8.7 percent in March 2015 as a result of base drift effect and decrease in ex-refinery prices. Enditem

Source: Xinhua

Send your news stories to and via WhatsApp on +233 244244807 Follow News Ghana on Google News


Please enter your comment!
Please enter your name here