Producer price inflation rises in September
Ghana's annual producer price inflation index rose 19.59 percent in September, from 17.24 percent in August, led by increases in the mining and quarrying sector, Ghana's statistics office said on Wednesday.
The Deputy Governor Statistician, Philomena Nyarko, at a news conference said, "Year-on-year inflation from the producer's perspective for September was 19.59 percent. This rate was 2.34 percentage points higher than that for August".
Mining and quarrying producer prices rose 50.74 percent for the 12 months. Manufacturing prices rose 16.52 percent while utilities prices increased by 7.67 percent.
The statistical service says the change being experienced in the mining sector is closely linked to gold prices on the international market. Record highs in spot gold prices have boosted investment in Ghana, Africa's second largest gold producer behind South Africa.
Utilities also contributed to the producer price increase, following a hike in utility prices in September, Nyarko said. The country’s consumer inflation rate has, however, remained within central bank target range.
Ghana's consumer inflation was barely changed at 8.40 percent in September and the International Monetary Fund has said it should stay "broadly stable" at around 8.5 to nine percent next year. Analysts had expected inflation to accelerate, partly because of oil revenues since Ghana started producing in December 2010.
Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 