Ex-factory inflation soars on minerals

Ghana’s annual rate of inflation in ex-factory goods and services for September 2009 was 15.52 per cent, up 1.4 percentage points from the corresponding figure for August 2009.

The rise in producer price inflation for the month of September resulted from a hike in prices for the mining and quarrying sector which has exhibited high inflation rates since January 2009.

The mining and quarrying sector recorded an inflation rate of 53.33 per cent in September, after recording 41.65 and 50.07 percent in July and August respectively.

Grace Bediako, Government Statistician, who released the data at a press conference in Accra last Friday, attributed the high rate of mining and quarrying inflation to rising gold prices at the world commodities market.

Dr Bediako however said the relatively stable nature of oil prices on the other hand had a calming effect on manufacturing inflation, which rose by just 0.84 percentage points to 10.83 per cent in September.

The utilities sector on the other hand saw a dip in inflation for the month under review, registering a rate of 1.30 per cent from 1.49 per cent in August.

For the monthly change in inflation which measures the percentage change in the Producer Price Index (PPI) between August 2009 and September 2009, the Government Statistician announced that September recorded a rate of 1.87 per cent, up from 0.25 per cent recorded in August.

The rate of monthly inflation in September for the three sub-sectors under all industry followed the annual trend, with mining and quarrying sector recording the highest rate, followed by manufacturing and utilities.