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

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

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 ...
Post a Comment
Read more

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 ...
Post a Comment
Read more