Ex-factory prices decline to 2.8%

The year-on-year inflation in ex-factory prices of goods and services have decreased to 2.8 percent in October 2015 from 4.8 percent recorded in September same year.

The rate represents a 2.0 percentage point decrease in producer inflation.

The month-on-month change in producer price index between September and October 2015 was -0.7 percent.

Dr. Philomena Nyarko, Government Statistician, who made this known at a press conference in Accra yesterday, said the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 8.7 percent.

The utilities sub-sector recorded an inflation rate of 5.3 percent in October 2015, representing a decrease of 1.9 percentage points over the September 2015 rate of 7.2 percent.

The inflation rate in the petroleum sub-sector was -34.5 percent in October 2015.

Manufacturing Sector

She said manufacturing, which constitutes more than two-thirds of total industry, recorded the lowest year-on-year inflation rate of 1.0 percent.

Dr. Nyarko said 13 out of the 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 1.0 percent

Manufacture of paper and paper products recorded the highest inflation rate of 74.0 percent while the manufacture of coke, refined petroleum and nuclear recorded the lowest producer price inflation rate, she said.