The cost of production for businesses in Ghana has taken a hike as  Price Inflation (PPI) for the month of January 2016 hit 16.3.

This represents a 5.3 percentage point increase from  Januarys 11.3%

Year-on-year  PPI increased by 16.3 per cent for all industry while the monthly (month-on-month) change rate between December 2015 and January 2016 was 3.3 per cent.

The producer price inflation in the Mining and Quarrying sub-sector, decreased by 1.9 percentage points over the December 2015 rate of 4.8 per cent, to record 2.9 per cent in January 2016.Dr Nyarko said the Manufacturing sector, which constituted more than two-thirds of total industry, increased by 7.7 percentage points to record 11.4 per cent, while the Utilities sub-sector recorded an inflation rate of 56.6 per cent in January 2016, and remained unchanged over the December 2015 rate.The Government Statistician said during the month under review, ten out of the sixteen major groups in the Manufacturing sub-sector recorded inflation rates higher than the sector average of 11.4 per cent while the manufacture of chemicals and chemical products recorded the highest inflation rate of 39.4 per cent, with the manufacture of basic metals recording the lowest producer price inflation rate of -2.3 per cent.