Factory Prices Reduce To 10.2% In Ghana

0

Dr Philomena Nyarko - Acting Government Statistician

Dr Philomena Nyarko

The average change over time in the prices for materials received by domestic producers for the production of their goods and services  reduced by 0.4 percentage points year-on-year in April 2013 to 10.2 percent from 10.6 percent recorded in March 2013.

The month-on-month change in producer prices between March and April 2013 was -0.1 percent.

Dr Philomena Nyarko, Acting Government Statistician, who announced this in Accra yesterday when she met the media, said in April, the producer price inflation in the mining and quarrying sub-sector decreased by 4.0 percentage points over the March 2013 rate of 6.4 percent to record 2.4 percent.

Manufacturing, which constitutes more than two-thirds of total industry, increased to 14.4 percent from a rate of 14.1 percent in March 2013 while the rate for the utilities sub-sector remained unchanged at 1.0 percent.

During the 12-month period (April 2012 to April 2013), the highest year-on-year inflation of 19.1 percent for all industry was recorded in June and October 2012 and the lowest in February 2013 by 9.1 percent.

Between April and July 2012, the producer price inflation rose steadily. Thereafter, the rate fluctuated until December 2012. However, from December 2012 to February 2013, the rate declined to 9.1 percent but increased steadily to record 10.6 percent in March 2013 and subsequently declined to 10.2 percent in April.

In April, seven out of the sixteen major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 14.4 percent. Manufacture of textiles recorded the highest inflation rate of 33.1 percent while producer prices in the manufacture of machinery and equipment recorded no change over the one year period.

Between April and May 2012, the inflation rate in the petroleum sub-sector declined and thereafter remained stable until December 2012.

However, it dropped in January 2013 and subsequently rose in March 2013. In April 2013, the rate remained virtually unchanged at 12.2 percent.

According to Dr Nyarko, the figures for April 2013 are provisional and are subject to revision when additional data are available. All other indicators are final.

By Samuel Boadi

Send your news stories to [email protected] Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here