Ex-Factory Prices Record 10.5%


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Dr Philomena Nyarko

From 3.0 percent in November 2015, the rate at which ex-factory prices of goods and services increased recorded 10.5 percent, representing a 7.5 percentage point increase in producer price inflation, Government Statistician, Dr Philomena Nyarko, told journalists in Accra yesterday.

She said the month-on-month change in producer price index between November and December 2015 was 6.2 percent.

The utilities sub-sector recorded the highest year-on-year producer price inflation rate of 56.6 percent followed by the mining and quarrying sub-sector with 4.8 percent.

The manufacturing sub-sector recorded the lowest year-on-year inflation rate of 3.5 percent.

On monthly basis, she said changes in the PPI indicated that utilities recorded the highest inflation rate of 48.8 percent followed by manufacturing subsector with -0.3 percent.

The mining and quarrying subsector recorded the lowest rate of -1.4 percent.

She also added that the PPI did not cover the newly introduced taxes and their repercussions on businesses.

Trends

From December 2014, the PPI rate consistently declined to record 19.2 percent in March 2015.

It inched up to 19.5 percent in April 2015 and then declined to 18.8 percent in May 2015.

It, however, increased again in June 2015 to record 23.1 percent.

The rate declined consistently from 10.2 percent in July 2015 to 2.9 percent in October 2015. However, it inched up slightly to record 3.0 in November 2015.


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Manufacturing

During the month of December 2015, 12 out of 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 3.5 percent.

Manufacture of paper and paper products recorded the highest inflation rate of 71.2 percent while the manufacture of coke, refined petroleum and nuclear fuel recorded the lowest producer price inflation rate of (-21.8 percent).

Petroleum price index

The inflation rate in the petroleum sub-sector was 30.9 percent in December 2014 but declined consistently to record -9.6 percent in May 2015 due to a combined effect of base drift and decrease in ex-refinery prices of petroleum products.

In August 2015, the rate further declined to -28.0 percent as result of decreases in the price of petroleum products and further decreased to -34.5 percent in October 2015.

It however increased slightly in November 2015 to record -33.6 percent. In December 2015, the rate improved to -21.8 percent.

By Samuel Boadi

 

 

 

 

(Pix saved as Dr Philomena Nyarko in bus)

 


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