PPI inflation rate increased to 11.6%

in october

Government Statistician,Mrs. Philomena Nyarko has review that the producer price inflation has increased by 11.6% between October 20012 and October 2013(year on year),representing an increase in producer inflation by 5.8 percentage point relative to the rate recorded in September 2013 (5.8).the month on month change in producer price between September 2013 and October 2013 was 6.2 percent

She said in October 2013, the producer price inflation in the mining and quarrying subsector decreased by 0.8 percentage point over the September 2013 rate-16.9 percent, to record -17.7 percent. Meanwhile manufacturing, which constitute more than two thirds of total industry, increased by 0.1 percentage point records 13.4 percent?

The rate for the utilities sub-sector rose by 40.3 percentage point relative to September 2013 (0.2%) to record 40.5 percent in October 2013.

“During the 12 month period (October 2012 to October 2013) the highest year on year inflation of 19.1 percent for all industry was recorded in October 2012c and the lowest was in August 2013(4.7%). Within the last quarter of 2012, the producer price inflation fluctuated until December 2012 when it started declining to record 9.1 percent in February 2013.

In march 2013, the rate increased slightly to record 10.6 percent and subsequently declined over a five month period to record the lowest rate of 4.7 percent in August 2013.in September ,however ,the rate inched up to record 5.8 percent in October,2013.She stated as Trend.

On the Manufacturing sector during the month of October 2013, eight out of the sixteen major groups in the manufacturing sub-sector recorded inflation rate high than the sector average of 13.4 percent.

Manufacture of machinery and equipment n.ece. Recorded the highest inflation rate (76.0) whilst producer prices in the manufacture of electrical machinery and apparatus n.e.c. recorded the lowest inflation rate (-5.6) over the one year period. She lamented.

She said the Petroleum Price Index between October 2012 and December 20-12, the inflation rate in the petroleum sub sector remained relatively stable. How ever, it dropped in January 2013 and subsequently rose in march 2013.The rate remained unchanged in April and May 2013. It thereafter increased steadily to record 19.3 percent in June 2013.In July 2013, the rate declined slightly to 18.5 percent due to the slight decreases in the price of marine gas oil and aviation fuel. However, the rate increased consistently to record 33.6 percent in September 2013 as a result of increases in the prices of petroleum products but decreased in October 2013 to record a rate of 30.0 percent.