[ 2014-07-25 ]

Producer price inflation reaches 33.1 percent
The year-on-year producer inflation for all
industry was 33.1 percent in June 2014,
representing a 0.1 percentage point increase
relative to 33.0 percent recorded in May 2014.
The monthly inflation rate was 0.7 percent.
The utilities sub-sector recorded the highest
year-onyear producer price inflation of 56.9
percent followed by the mining and quarrying
subsector with 37.3 percent.
The manufacturing subsector recorded inflation
rate of 27.1 percent.
Trends
Between June and August 2013, the rate declined
continuously to record 4.7 percent in August 2013.
In September 2013, however, the rate inched up to
record 5.8 percent. Subsequently, the producer
price inflation rate increased consistently over
the last eight months to record 33.1 percent in
June 2014.


“This rate is the highest since January 2010,”
Dr Philomena Nyarko, Government Statistician
noted. Manufacturing Sector Five out of the 16
major groups in the manufacturing sub-sector
recorded inflation rates higher than the sector
average of 27.1 percent.
Manufacture of machinery and equipment recorded
the highest inflation rate of 76.0 percent whilst
producer
prices in the manufacture of wood and wood
products except furniture; manufacture of articles
of straw and plaiting materials recorded the
lowest producer price inflation rate of 2.3
percent over the one-year period.
Petroleum
The inflation rate in the petroleum sub-sector
increased consistently to record 33.6 percent in
September 2013.
The rate fluctuated between October and December
2013, after which it increased to record 56.1
percent in February 2014.
The rate then declined to record 44.7 percent in
March 2014 but started rising in April 2014 to
record 48.2 percent May 2014.
In June 2014, the rate declined to record 44.7
percent as a result of the basis drift effect from
the increase in the prices of petroleum products
in June 2013.
The monthly changes in the producer price index
indicated that manufacturing recorded a monthly
inflation rate of 0.8 percent while mining and
quarrying recorded 0.7 percent.
The utilities sub-sector recorded the lowest
monthly rate of 0.2 percent.

Source - Daily Guide

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