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Inflation Producer price index for June rises to 23.1%

The Producer Price Inflation (PPI) rate for June 2015 increased to 23.1 percent

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Government Statistician, Dr. Philomena Nyarko play

Government Statistician, Dr. Philomena Nyarko

Producer price inflation for June was 23.1 per cent. This represents a 4.3 percent increase over may figures of 18.8 per cent.

This was disclosed by Dr Philomena Nyarko, Government Statistician, when she announced the June Producer Price Index compiled by the Ghana Statistical Service.

According to government statistician, Dr. Philomena Nyarko, the main drivers of the increase in the PPI are the high cost of raw materials due to the cedi depreciation in June, high price of gold and cost of manufacturing.

Ex-factory prices increased by 23.1 per cent which translates into consumers prices resulting in higher cost of living.

The producer price inflation in the mining and quarrying sub-sector increased by 4.6 per cent over May to record 30.0 per cent in June.

Manufacturing, which constitutes more than two-thirds of the total industry, increased by 5.2 per cent, recording 21.9 per cent.

The utilities sub-sector recorded an inflation rate of 20.8 per cent in June indicating a marginal increase of 0.2 per cent as against 20.6  per cent in May.

The release shows the producer price change since October 2006, as well as the annual (year-on-year) and monthly inflation rates for all industry and three major sub-sectors if industry which comprise mining and quarrying, manufacturing, and utilities.

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