Business News of 2014-02-27

Producer price inflation increases to 23.3%

The producer price inflation rate for the month of January has shot up to 23.3 percent.
The index which measures the average change in prices from domestic producers increased from 15.3 recorded in December last year representing a monthly change of 7.2percent.
The Utilities group recorded the highest inflation rate of 55.3percent, representing a 14.3 percentage points increase from 41percent recorded in December.
The manufacturing group recorded a high year-on-year inflation of 24.2percent. The group was dominated by the manufacture of machinery which recorded an astronomical inflation rate of 76percent.
Head of Industrial Statistics at the Ghana Statistical Service, Anthony Kraker said that “for the manufacturing group, it is as a result of depreciation of the cedi and the increase in utility prices.”
Manufacture of electrical machinery and apparatus however recorded the lowest in the group recording a deflation of 0.8percent.
Mining and Quarrying though recorded an increase in inflation rate, continuous to have its rate in the negatives. It recorded a year on year deflation of 5.8.
Source: citifmonline.com
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