Prices of products at factories continued to increase but on a marginal level according to the latest Producer Price Index (PPI) released by the Ghana Statistical Service last Friday.
According to the figures, the all industry PPI- the index that measures the average change over time in the prices received by domestic producers for the production of goods and services- shot up slightly.
However, the annual rate of inflation or percentage change in the PPI was 36.25 percent, a 2.25 percent reduction over the September PPI.
This implies that ex-factory prices of goods at production which includes manufacturing, mining and quarrying and utilities sub-sectors were higher in October 2008 than they were in October 2007.
With regard to the sub sectors, mining and quarrying recorded 41.38 percent, compared with 43.56 in September while manufacturing also recorded 33.47 percent, a 2.67 percent reduction over the previous month. Utilities however inched up marginally to 45.01 percent, compared with 44.96 percent recorded in September.
In the manufacturing sub sector, 14 out of 16 of the major groupings showed appreciable increases of at least 10 percent, in their index level, ranging from 14.63 percent.
Five out of 11 sub groups contributed at least 3 percent in their index level, accounting for the slight increase in this sub-sector's monthly index level.
These sub groups were spinning, weaving and finishing of textiles and manufacture of grain mill products, starch products and animal feeds. Others are manufacture of products of wood, cork, straw and plaiting materials and production, processing and preservation of meat, fish, fruit, oils and fats.
For mining and quarrying, the rise in the index was strongly associated with the increase in the prices of metal ores which represent 95 percent of the output of the sub sector.
The year-on-year inflation from the producer's perspective for all industry and manufacturing has been rising steadily over the 13-month period. Within the same period, inflation in the mining industry remained unstable, recording three month cyclical fluctuations.
The manufacturing sub-sector recorded the lop west inflation among sub-sectors as it has been for the 13 months.
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