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Friday, March 11, 2016 |
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Ghana's Ex-factory prices up to 12.27%
Masahudu Ankiilu Kunateh, Ghanadot
Accra, March 29, Ghanadot - Statistics released by the Ghana
Statistical Service (GSS), showed that Ghana’s annual percentage
change in the Producer Price Index (PPI) (that is percentage
change for all industry, between February 2008 and February
2009), which measures inflation in prices of goods at ex-factory
recorded 12.27% in February 2009 as against 11.19% in January,
2009..
This means that ex-factory prices for all industry, which
includes manufacturing, mining and quarrying and utilities
sub-sectors were on average 12.27% higher in February 2009 than
they were in February, last year.
This represents an increase of 1.08 percentage points in
inflation over that of January, this year.
Instructively, all industry PPI for February 2009 recorded
155.76, while PPI for the three major sub-sectors namely mining
and quarrying, manufacturing and utilities made 254.58, 137.72
and 158.80 respectively..
The PPI, measures the average change over time in the prices
received by domestic producers for the production of their goods
and services. The PPI reports the price indices with reference
to September 2006, as the base year.
Additionally, the percentage change in the PPI for February 2009
relative to February 2008 that is the rate of inflation for
these sub-sectors notably mining and quarrying, 37.48%;
manufacturing, 10.39%; and utilities, 1.49%.
Furthermore, the rate of producer price inflation in February
2009 compared with February 2008 for mining and quarrying,
manufacturing and utilities sub-sectors increased to 7.0, 0.04
and 0.23 percentage points respectively.
In the manufacturing sub-sector, 13 out of 16 of the major
groupings showed appreciable increases of at least 10%, in their
index level, ranging from 10.07 for manufacture of fabricated
metal products, except machinery and equipment to 103.47% for
manufacture of machinery and equipment n.e.c.
Also, the monthly change in the all industry PPI for February
2009 (that is, the percentage change in the PPI between January
2009 and February 2009), was 3.15%. Whilst, the corresponding
changes for the major sub-sectors such as mining and quarrying,
manufacturing and utilities contributed 13.62%, 1.53% and 0.25%
respectively.
It was observed that, the rise in the index for mining and
quarrying is strongly associated with the increase in the prices
of metal ores which represent 95% of the output of the
sub-sector. Three out of 11 subgroups that contributed at least
4% each to the total manufacturing output have increases of at
least 1% in their index level.
These subgroups are: production, processing and preservation of
meat, fish, fruit, vegetable, oils and fats; and manufacture of
non-metallic mineral products.
However, experts say if these trends continue it may have upward
effect in the upcoming month inflation.
Mr. Ebo Duncan, the Head of Economics Statistics at the Ghana
Statistical Service told some Economic and Financial Journalists
in Accra that the year-on-year inflation from the producer’s
perspective for industry and manufacturing had been rising
steadily, until October 2008 when it nose-dived.
He noted that within the same period, inflation in the mining
industry remained unstable, recording three-month cyclical
fluctuations, until July 2008 when it consistently continued to
fall till November, last year.
Ghanadot
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President Mills warns Ghanaians to
desist from backbiting
Accra, March 29, Ghanadot - Ghanaians have been urged
by President John Evans Atta Mills to eschew negative
tendencies such as unnecessary grumbling, backbiting and
petty jealousy.....More
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Asantehene visits Black Stars at training
Kumasi, March 29, Ghanadot/GNA – Otumfuo Osei Tutu II,
Asantehene, at the week-end defied heavy rains to give moral
and spiritual support to the senior national team, the Black
Stars during their training session at the Baba Yara Sports
Stadium in Kumasi....More |
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Re-branding Northern
Ghana for socio-economic development
Accra, March 29, Ghanadot - There is the need to
use concerted efforts to fix and polish the blighted
image of the Northern Ghana, which comprises the
Northern, Upper East and Upper West Region, in order to
encourage sustainable development there.....More
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Ghana tames Benin by a lone goal
Accra, March 29, Ghanadot - The Senior National
Team of Ghana, the Black Stars struggled to beat their
Beninoir counterparts by one goal to nil in the 2010
World Cup cum 2010 African Cup of Nations qualifier.....More |
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