Dr Philomena Nyarko - Government Statistician
Dr Philomena Nyarko - Government Statistician

Average rate of price changes at the factory gate fell again by 1.8 percentage points in February resulting in a year-on-year industry inflation rate of 21.8 percent, relative to the 23.6 percent recorded in January the Ghana Statistical Service (GSS) said here on Wednesday.

Dr Philomena Nyarko - Government Statistician
Dr Philomena Nyarko – Government Statistician

The monthly change rate was 1.4 percent for the month under review, relative to the -1.3 percent recorded for January.
Philomena Nyarko, Government Statistician told the media here that producer inflation for the Mining and Quarrying sub-sector with 13.97 percent share in all-industry, experienced the sharpest drop of 7.1 percentage points, to 29.6 percent, relative to the 36. 4 percent recorded in January 2015.
She attributed this to the continued tumbling of gold prices on the global stage as the West African country is the second largest exporter of gold in Africa after South Africa.
” Pull-down effects in the producer index for all industry in February were declining gold prices and a decrease in the cost of refined petroleum,” Nyarko explained.
Manufacturing, largest industry sub-group with 69.75 percent share of all industry, which contains refined petroleum products , also dropped by 1.0 percentage point to 21.6 percent inflation during the month under review, relative to the 22.6 percent for the previous month.
Utilities, with 16.28 percent share of all industry, recorded an inflation rate of 15.7 percent in February 2015, suggesting 0.1 percentage point decrease over the January 2015 rate of 15.8 percent.
“With respect to the monthly changes, mining and quarrying recorded an inflation rate of 2.2 percent while manufacturing recorded 1.5 percent. The utilities sub-sector recorded the lowest monthly inflation rate of 0.2 percent,” the Government Statistician added. Enditem

Source: Xinhua

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