ACCRA: Ghana’s producer price inflation fell to 2.8 percent in October from a revised 4.8 percent in September, continuing a downward trend, the statistics office said on Wednesday.
The fall reflects apparent progress for the West African country in stabilizing inflation. “The easing effect came mainly from the manufacturing of petroleum and coke which registered a significant price decline,” Ghana’s acting deputy statistician Anthony Amuzu said. Year-on-year producer inflation for the mining and quarrying sub sector stood at 8.7 percent, manufacturing was at 1.0 percent and utilities 5.3 percent, he told a news conference.
Ghana is following an International Monetary Fund aid programme to resolve problems that include consumer inflation persistently above target. Consumer price inflation stood at 17.4 percent in October.
Once among Africa’s fastest growing economies, growth in the gold, cocoa and oil exporting country has slumped due to lower global commodity prices and a fiscal crisis that has seen its debt-to-GDP ratio rise to more than 70 percent.
