Business News of 2014-01-23

Utilities record highest inflation

The latest report by the Ghana Statistical Service (GSS) on the producer price index indicates that utilities sub-sector recorded the highest year-on-year producer inflation rate of 41.0 percent followed by the manufacturing sub-sector with 17.4 percent.
The mining and quarrying sub-sector recorded the lowest inflation rate of -13.2 percent.
In terms of monthly changes, manufacturing recorded a monthly inflation rate of 2.5 percent while utilities recorded 0.1 percent.
The mining and quarrying sub-sector recorded the lowest rate of -0.9 percent.
Dr Philomena Nyarko, Government Statistician, who made this known yesterday in Accra during the launch of the Producer Price Index (PPI), said year-on-year inflation for ex-factory prices of goods recorded 15.3 percent in December 2013 while the monthly change rate registered 1.6 percent.
Year-on-year inflation was 2.3 percentage points higher than the figure for November 2013.
Dr Nyarko said the producer inflation rate for mining and quarrying increased by 1.7 percentage points in December 2013 relative to the rate recorded in November 2013 (-14.9 percent) while for manufacturing, the rate for December 2013, was 2.9 percentage points higher than the figure for November 2013.
For the utilities, she indicated that the rate for December 2013 increased by 0.2 percentage points.
The PPI measures the average change over time in prices received by domestic producers for the production of goods and services.
The PPI is usually categorized into three major sub-sectors: mining and quarrying; manufacturing and utilities (electricity and water).
Commenting on the quarterly Gross Domestic Product (GDP) for the third quarter of 2013, she said at current prices the GDP, during the third quarter, was GH¢24,990.96 million.
Non-oil GDP at current prices was GH¢ 23,274.57 million.
The sectoral contribution to GDP in the third quarter of 2013 at basic prices was agriculture (30.4 percent), industry (23.3 percent) and services (46.3 percent).
The results, she said, indicated that the services sector was the highest contributor to 2013 third quarter GDP.
Source: Daily Guide
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