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January Producer Price Index hits to 11.5%

By Fred Sarpong

Year-on-year inflation in ex-factory prices of goods was 11.5% in January 2013, recording the lowest since January, 2012. This is measured by Producer Price Index (PPI).
The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.
This means that, ex-factory prices of goods for all industry increased on average by 11.5% in January 2013 relative to the price level recorded in January, last year.
The monthly change rate was also 0.2%, meaning that compared to December 2012, the PPI increased by 0.2% in January 2013.
Baah Wadieh is the Acting Deputy Government Statistician in charge of Technical Support, he announced in Accra last week that Mining and Quarrying producer inflation rate of 18.4% decreased by 8.4 percentage points relative to the rate recorded in December 2012, which was 26.8%.
According to him the Manufacturing rate of 12.8% inflation for January 2013 was 6.4 percentage points lower than that for December 2012, recording 19.3%.
However, the Utilities sector recorded 1.2% of inflation for January 2013 and was 0.2 percentage points lower than that of December 2012 rate of 1.5%.
Wadieh noted that the significant drop for all industry of 11.5% was as a result of the decline in the manufacturing sector.
Nine out of the 16 major groups in manufacturing sector recorded inflation rates above the sector average (12.8%) in January 2013. Manufacturing of textiles recorded the highest rate of 34.3% while manufacture of coke, refined petroleum products recorded a negative inflation rate of 1.3%.
During the last 13 months, the producer inflation in the petroleum sub-sector exhibited a downward trend. The highest inflation rate of 20.7% was recorded in January and March 2012 and the lowest of negative 1.3% in January, 2013.
He also indicated that the petroleum sector, which weight is 22.5% in the PPI basket, also affected the decline of the overall index of 11.5% with significant rate.


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