goldACCRA, Jan 23 (X`inhua) — Factory gate prices in Ghana rose in December 2012 to send the country?s Producer Price Index (PPI) to 17.1, compared with the 13.6 percent recorded for ?December 2011, the Ghana Statistical Service announced here Wednesday.

 

This figure represents a 1.3 percentage points increase over the revised rate of 15.8 percent recorded in the previous month.

 

The month-on-month change rate for the period between November 2012 and December 2012 was -0.4 percent, compared with the -0.3 percent recorded for the period between October and November 2012, Acting Deputy Government Statistician Baah Wadieh announced at a press conference here.

 

Ghana?s PPI?assesses three main industry sectors, including Manufacturing,?with?more than two-thirds (69.75 percent) of all industry, Mining and Quarrying sector, with?13.97 percent share of all industry,?and Utilities, with a 16.28 percent stakes in all industry.

 

The movement of the PPI is mostly influenced by the performance of the mining and quarrying sector.

 

Ghana is the second largest gold producer in Africa, with mineral export?constituting 41 percent of its total merchandise export.

 

?The main drivers of the rise in the PPI in December were the Mining and Quarrying sector as well as the Manufacturing sectors,? Wadieh said.

 

He explained that while inflation for mining and quarrying rose by 8.0 percent to record 27. 6 percentage points against the 19.6 percent for November, that for manufacturing rose marginally to 19.3 percent, compared with the 19 percent recorded the previous month.

 

Inflation rate for the Utilities subsector was however 1.4 percentage points lower than the figure recorded for November, the statistician disclosed.

 

?The price of gold went up on the world stage in the month of December, hence the rise in the mining and quarrying sector inflation in Ghana,? Wadieh explained.

 

During the month under review, five out of the 16 major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 19.3 percent.

 

Manufacture of textiles recorded the highest inflation rate (40.1 percent) whilst Manufacture of machinery and equipments recorded no change.? Enditem.

Source:?Justice Lee Adoboe

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