The latest Producer Price Index (PPI) released by the Ghana Statistical Service (GSS) shows that the inflation rate for February 2014 (year-on-year) was 27.1 percent, representing an increase of 3.8 percentage points relative to the rate recorded in January 2014 (23.3 percent).
The month-on-month change in producer prices between January 2014 and February 2014 recorded 2.9 percent. Over the last five months, producer price has continued to increase with the latest being the highest in four years since January 2010.
Dr Philomena Nyarko, acting Government Statistician, who disclosed this to journalists yesterday in Accra, said in February 2014, the producer price inflation in the mining and quarrying sub-sector increased by 8.9 percent points over the January 2014 rate of -5.8 percent to record 3.1 percent.
Manufacturing, which constituted more than two-thirds of total industry, increased by 3.0 percentage points to record 27.2 percent.
The rate for the utilities sub-sectors increased marginally to record 55.7 percent in February 2014.
Between April and August 2013, the producer inflation rate declined continuously to record the lowest rate of 4.7 percent in August 2013. In September 2013, however, the rate inched up to record 5.8 percent.
During the month of February 2014, five out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector’s average of 27.2 percent.
Manufacture of machinery and equipment recorded the highest inflation rate of 76.0 percent whilst producer prices in the manufacture of electrical machinery and apparatus recorded the lowest inflation rate of -0.8 percent over the one year period.
From March 2013, the inflation rate in the petroleum sub-sector increased consistently to record 33.6 percent in September 2013.
The rate fluctuated between October and December 2013 after which it increased consistently to record 56.1 percent in February 2014.
“The figures for February 2014 are provisional and are subject to revision when additional data become available. All other indicators are final,” she noted.