Ghana Dec producer price inflation rises to 8.9 pct

1/24/2018 11:11:30 PM

Gains on account of petroleum price increases. 

Ghana’s producer price inflation rose to 8.9 percent year-on-year in December from 7.1 percent in November as petroleum prices soared, the statistics office said on Wednesday.

The major commodity exporter is seeking to cut spending and restructure its debt, and aims to narrow consumer inflation to 8 percent, plus or minus 2 percentage points, in the first half of 2018 under a credit deal with the International Monetary Fund.

Petroleum inflation rose to 36.4 percent from 27.7 percent in November, deputy statistics office head Anthony Amuzu told reporters in Accra.

Producer inflation in the mining and quarrying subsector also rose sharply, to 19.1 percent from 14.4 percent, while manufacturing rose to 8.8 percent from 7.2 percent.

Source: Reuters 

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