Ghana producer price inflation rises to 13.7% in November - CNBC Africa [object Object]

Ghana producer price inflation rises to 13.7% in November

Western Africa

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Central Bank of Ghana. PHOTO: Central Bank of Ghana

This was a rusult of a hike in power tariffs which drove up the cost of manufacturing, the West African nation's statistics office said on Wednesday.

Producer price inflation can give an indication of consumer price inflation but it has been volatile this year. It doubled last month from 5.8 percent in September, topping a previous high of 11.5 percent set in January.

Average manufacturing costs rose 1.9 per cent in November with chemical, rubber, and food and beverage products leading the increases.

"The main drivers are due to increases in manufacturing goods and also a slight rise in petroleum and gold prices," government statistician Philomena Nyarko told a press conference.

Extractive industry costs went up by 1.2 per cent while utilities recorded a 0.2 per cent increase, she said.

The government cut power and water subsidies this month and fuel subsidies earlier in the year as part of a deficit reduction plan.

Annual consumer price inflation rose sharply to a fresh three-year high of 13.2 percent in November.

 

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