Skip to main content

Lower gold price affects producer price inflation



Story by: Fred Yaw Sarpong
According to the Ghana Statistical Service (GSS) figures announced on Wednesday 24th July 2013, the lower gold price on international market affected producer price inflation (PPI) for June 2013.
Daily Express gathered that gold price on the world market has been consistently declining. It’s declined for about 17% from January 2013 to June, this year. Currently, the gold price on the world market is US$1,296.
The acting Government Statistician, Dr. Philomena Nyarko who announced the figures explained that PPI for June 2013 was 7.0%, compared to 8.3% recorded in May, this year. The rate is 1.3 percentage points lower than that of May 2013.
The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services.
Dr. Nyarko said the producer price inflation in the mining and quarrying subsector was negative 1.4%, compared to the rate recorded in May, this year.
Meanwhile, producer price inflation for the manufacturing sector for June 2013 was 10.6%, while the rate for the utilities sub-sector for June 2013 was 0.1%.
During the month of June 2013, six out of the 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average figure of 10.6%. Manufacture of paper and paper products recorded the highest inflation rate of 25.2%, while producer prices in the manufacture of electrical machinery and apparatus recorded the lowest inflation rate of negative 0.1% over the one year period.
During the 13-month period (June 2012 to June 2013), the highest year-on-year inflation of 19.1% for all industry was recorded in June and October 2012 and the lowest in June 2013 with the rate of 7.0%.
Between June and July 2012, the producer price inflation rose steadily. Therefore, the rate fluctuated until December 2012. However, from December 2012 to February 2013, the rate declined to 9.1% but increased steadily to record 10.6% in March 2013, and subsequently declined to 7.0% in June 2013.
Between June 2012 and December 2012, the inflation rate in the petroleum sub-sector remained relatively stable. However, it dropped in January 2013 and subsequently rose in March 2013. In April 2013, the rate remained virtually unchanged but afterward increased steadily to record 19.3% in June 2013.

Comments

Popular posts from this blog

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some

90 African Journalists entertain by Disney Africa

By: Fred Yaw Sarpong- Daily Express Mauritius Disney Africa welcomed 90 journalists from across Africa to their first ever showcase to media from the continent, at this year’s Multichoice Africa Content Showcase Extravaganza. On Thursday 3 September, guests received a Disney Movie ticket which gained them entry to the special outdoor screening, set under the stars on the lawns of the idyllic Outrigger Beach Resort in Mauritius . After receiving their own Disney picnic basket and blankets, full of delicious treats and filling food, the guests made their way to the seating area, replete with comfortable chairs and loungers. Once the Disney fans were settled, the vast outdoor screen lit up and the evening’s festivities were well under way. A welcome speech by Deirdre King, Head of Marketing for the Walt Disney Company Africa, preceded the screening of two animated shorts. The first, the Academy Award-nominated Get a Horse, featured Disney favourites like Mickey, Minni

ABL launches chibuku super in Bolgatanga

By: Fred Yaw Sarpong sarpong007@gmail.com Accra Brewery Limited (ABL) has officially launched the Chibuku Super drink at Bolgatanga in the Upper East region with the aim of reaching a lot of customers. Mr. Thomas Nii Ponku, Supervisor in charge of Chibuku Super at ABL told Daily Express that the management decided to launch the Chibuku Super drink in the Upper East region because they’ve realized it is similar to a traditional drink in the region. “Chibuku is like a well developed pito, a traditional drink made from fermented millet or sorghum in the Northern part of Ghana. So the idea is to provide them with similar drink,” he added. Mr. Nii Ponku disclosed this when members of the Institute of Finance and Economic Journalists (IFEJ) toured the facility of ABL to acquaint themselves with the expansion project at the factory. He mentioned that after a feasibility study, they realized there is a potential market for the product in the northern part of Ghana