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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.


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