Producer Price Inflation falls to 15.19 per cent in December

Accra, Jan 25, GNA - The annual Producer Price Inflation (PPI) fell to 15.19 percent in December 2011 from a revised figure of 17.94 in November, the Ghana Statistical Service said on Wednesday.

The all industry monthly inflation is negative 0.17 per cent.

On specific industry performance, mining and quarrying sector recorded the highest year-on-year rate of 18.23 percent while the manufacturing sector increased to 17.23 per cent.

Utilities recorded the lowest rate of 9.07 percent for the period.

Dr Philomena Nyarko, Acting Government Statistician, said the high contribution of the mining and quarrying sector was as a result of the high international gold prices.

Petroleum prices have been relatively stable since a sharp rise in January 2011, recording 25.82 per cent inflation rate for December 2011.

Dr Nyarko said the monthly change rate showed that manufacturing recorded the highest monthly change of 1.53 percent, followed by utilities at 1.41 percent.

Mining and quarrying recorded a negative monthly change rate of 8.37 percent.

Dr Nyarko said eight out of the 16 major groups in the manufacturing sector recorded inflation rates higher than the sector’s average of 17.23 per cent.

The manufacture of machinery and equipment recorded the highest inflation rate of 38.05 percent whilst manufacture of motor vehicles, trailers and semi-trailers recorded the lowest rate of 2.33 percent.