February producer price inflation down

Producer Price Inflation, which measures the average change over time in the prices received by domestic producers for the production of their goods and services, decreased to 9.1 percent in February 2013.

The figure represents a decrease in producer inflation by 2.4 percentage points relative to the rate recorded in January 2012 (11.5percent).

Consequently, the month-on-month change in producer prices between January 2013 and February 2013 was -0.3 percent.

Announcing the rate at a news conference in Accra yesterday, the Acting Deputy Government Statistician in charge of Technical Support at the Ghana Statistical Service, Kofi Agyeman-Duah said in February 2013, the producer price inflation in the mining and quarrying subsector decreased by 10.7 percentage points over the January 2013 rate of 18.5 percent, to record 7.8 percent.

He said manufacturing, which constitutes more than two-thirds of total industry, declined to 11.4 percent from 12.8 percent in January 2013. The rate for the utilities sub-sector was 0.1 percentage point lower than that of January 2013.

Agyeman-Duah said during the 12-month period (February 2012 to February 2013), the highest year-on-year inflation of 19.1 percent for all industry was recorded in June and October 2012 and the lowest in February 2013 (9.1 percent).

He said from February to May 2012, the producer inflation fluctuated between 16.1 percent and 16.6 percent, and thereafter increased in July 2012 by 1.0 percent point but increased to 19.1 percent in October 2012.

It subsequently dropped in November 2012 to 15.8 percent.

Agyeman-Duah said in December 2012, it increased to 17.1 percent but declined to 11.5 in January 2013. It decreased again to 9.1 in February 2013.

He said during the month of February 2013, eight out of 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 11.4 percent, adding that manufacturing of coke, refined petroleum products recorded a negative inflation rate (-1.5 percent).

Agyeman-Duah said during the last 12 months, the producer inflation in the petroleum sub-sector exhibited a downward trend.

He said the highest inflation rate of 20.7 was recorded in March 2012 and the lowest (-1.5 percent) in February 2013.

Agyeman-Duah said the figures for the month of February 2013 are provisional and subject to revision when additional data are made available, adding that all other indicators are final.