Ex-Factory Prices Record 23.5%

Year-on-year inflation for ex-factory prices of goods and services recorded 23.5 percent in January 2015, the Ghana Statistical Service (GSS) has said.

‘Ex-factory prices of goods and services for all industry increased on average by 23.5 percent in January 2015 relative to the price level recorded in January 2014,’ said Baah Wadie, Deputy Government Statistician who made this known at a press conference yesterday in Accra.

According to him, the monthly inflation rate was -1.4 percent for the month of January 2015.

‘This means that compared to December 2014, the Producer Price Index (PPI) decreased by 1.4 percent in January 2015,’ Mr. Wadie said.

The PPI measures the average change over time in the prices received by domestic producers for the production of goods and services.

He disclosed that the producer inflation rate for the mining and quarrying sub-sector increased by 6.9 percentage points in January 2015 relative to the 43.3 percent recorded in December 2014.

The producer inflation rate for the manufacturing sub-sector in the month of January 2015, he said, was 10.5 percentage points lower than the figure for December 2014.

He stated that the rate for the utilities sub-sector in January 2015 decreased by 11.7 percentage point relative to the 27.5 percent recorded for the month of December 2014.

Explaining further, he noted that the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 36.4 percent, followed by the manufacturing sub-sector with 22.6 percent.

The utilities sub-sector, according to Mr. Wadie, recorded an inflation rate of 15.8 percent.

‘With respect to the monthly changes, mining and quarrying recorded inflation rate of 4.2 percent while utilities recorded no change.

The manufacturing sub-sector recorded the lowest monthly inflation rate of -2.4 percent,’ he added.

BY Melvin Tarlue

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