Producer Price Inflation Up

People currently buy food at high prices
Ex-factory prices of goods for all industry increased on average by 27.8 percent in March 2014 relative to the price level recorded in March 2013.

The year-on-year rate is 0.7 percentage points higher than that for February 2014 while the monthly inflation rate for March 2014 was 3.1 percent.

Dr Philomena Nyarko, Government Statistician, who disclosed this to journalists yesterday in Accra, said the utilities sub-sector recorded the highest year-on-year producer inflation rate of 56.1 percent.

This was followed by the manufacturing sub-sector with 25.0 percent. The mining and quarrying sub-sector recorded the lowest inflation rate of 14.5percent.

With respect to the monthly changes, mining and quarrying recorded a monthly inflation rate of 8.5 percent while manufacturing recorded 2.5 percent.

The utilities sub-sector recorded the lowest monthly rate of 0.3 percent.

The cost of transportation and other factors are said to be responsible for the rising producer prices of manufactured goods in the country.

The National Petroleum Authority (NPA) has been mandated to review the prices of petroleum products every two weeks.

Unfortunately, most of such fortnightly reviews have all witnessed an upward adjustment but the price of crude oil has not registered any significant increase on the global market.

By Samuel Boadi

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