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Ghana producer inflation rise to 6 pct in March

Xinhua, April 26, 2017 Adjust font size:

The rate of change over time in prices received by domestic manufacturers for the production of their goods and services rose to 6.0 percent during the month of March 2017, the Ghana Statistical Service announced here Wednesday.

This is relative to the 5.4 percent recorded during the previous month.

"The rise in producer inflation rate for March 2017 was mainly due to increase in inflation in virtually all sectors, particularly manufacturing as well as mining and quarrying," said Acting Government Statistician Baah Wadieh.

"Mining and quarrying, which recorded the highest inflation, rose by 1.1 percentage points to 20.8 percent in March 2017, relative to the 19.7 percent recorded a month earlier," Wadieh disclosed.

On the other hand, manufacturing, which constitutes more than two-thirds of All Industry, increased by 0.5 percentage points to record an inflation rate of 4.0 percent during the month under review, compared with the 3.5 percent for February 2017, while utilities rose 0.2 percentage points from 1.3 percent in February 2017 to 1.5 percent in March 2017.

"In manufacturing, higher inflation rate was mainly due to increase in petroleum prices recorded on February 20, 2017. PPI for manufacture of basic metals also increased," he said.

"Increase in inflation for mining and quarrying was due to slight increase in gold prices and the depreciation of local currency," he added. Endit